Nigerian CEOs optimistic about economic growth, PwC report reveals

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A new report by PwC has found that 61% of chief executive officers in Nigeria anticipate a rise in global economic growth over the next 12 months, a significant increase from 38% last year. The report, titled “From Resilience to Reinvention”, highlights the strategic decisions Nigerian CEOs are making to reinvent their businesses amid economic uncertainty and megatrends like GenAI and sustainability.

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Despite economic challenges such as inflation and macroeconomic volatility, 64% of Nigerian CEOs express confidence in the growth of the domestic economy. The survey reveals that Nigerian CEOs are making strategic decisions to seize emerging opportunities by venturing into new sectors, leveraging technology, and engaging with evolving customer segments.

According to Sam Abu, Regional Senior Partner, West Market Area, PwC Nigeria, “Thriving in Nigeria’s competitive business landscape demands resilience and strategic foresight from CEOs. Despite economic challenges, our survey shows Nigerian business leaders remain optimistic – not just about survival but about transformation.

The report notes that inflation and macroeconomic volatility are major pressures CEOs in Nigeria are facing, with 58% and 39% of CEOs citing these as concerns, respectively. However, many CEOs are taking proactive steps to reinvent their operations and business models, with 61% exploring new sectors and 58% targeting new customer segments.

The report also highlights the importance of AI adoption, with 81% of CEOs anticipating integration of AI into their technology within the next three years. On sustainability, 67% of CEOs have made climate-friendly investments over the past five years.

Abu emphasized the need for CEOs to act now, stating, “For CEOs yet to embrace this shift, the moment to act is now. Navigating disruption and megatrends requires a long-term vision and clear reinvention priorities… The risk of delay can cause a widening gap between forward-thinking organisations and those struggling to keep pace.”

The report showcases the resilience and adaptability of CEOs in Nigeria amid economic uncertainties, highlighting the importance of strategic reinvention, AI integration, and sustainability in driving future growth and success

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