Despite persistent macroeconomic challenges, including inflation, high interest rates, and foreign exchange volatility, Nigerian chief executive officers (CEOs) are expressing renewed confidence in the country’s economic outlook, according to the latest PwC 28th Annual Global CEO Survey.
The report, which reflects insights from 4,701 CEOs globally, including a representation from Nigeria, shows that 61 per cent of Nigerian business leaders anticipate growth in the domestic economy over the next 12 months, a significant rise from previous years and slightly above the global average of 60 per cent.
The survey reveals that Nigerian CEOs are not only optimistic but are actively taking steps to reinvent their businesses amid the tough economic environment. Over 40 per cent of respondents said their companies would not remain viable in the next decade without significant strategic transformation.
In response, 61 per cent of Nigerian CEOs disclosed that they have entered new sectors in the past five years, a figure higher than the Sub-Saharan Africa (50 per cent) and global (38 per cent) averages. Additionally, more than half (56 per cent) have expanded to new customer segments while others are adopting new pricing models and market routes to drive competitiveness.
Artificial intelligence (AI) is emerging as a key pillar of this reinvention. The report shows that 81 per cent of Nigerian CEOs expect to integrate AI into their businesses within three years, while 72 per cent believe AI will transform workforce and skill strategies. Furthermore, 67 per cent of respondents foresee AI driving the development of new products and services, surpassing global expectations.
The findings also highlight a proactive stance on sustainability, with 67 per cent of CEOs confirming that their organisations have made climate-friendly investments in the past five years. Notably, this comes despite the fact that only 3 per cent see climate change as a high or extreme risk to their businesses, a contrast to the 14 per cent figure recorded across Africa and globally.
However, Nigerian CEOs continue to grapple with inflationary pressure, with 58 per cent indicating high or extreme exposure, a figure well above the African of 42 per cent and global of 29 per cent averages. A growing concern over the availability of skilled labour was also noted, with 31 per cent of CEOs citing it as a challenge.
Commenting, Regional Senior Partner, West Market Area, PwC Nigeria, Sam Abu, stated that “Thriving in Nigeria’s competitive business landscape demands resilience and strategic foresight from CEOs. Despite economic challenges like inflation and macroeconomic volatility, our survey shows Nigerian business leaders remain optimistic, not just about survival but about transformation. CEOs are actively reshaping their business models to seize emerging opportunities by venturing into new sectors, leveraging technology, and engaging with evolving customer segments.
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, from business model transformation and generative AI adoption to sustainability strategies. The risk of delay can cause a widening gap between forward-thinking organisations and those struggling to keep pace.”
PwC said the survey underscores the need for Nigerian CEOs to strengthen strategic decision-making processes, embrace innovation, and integrate sustainability into long-term business planning to ensure resilience and competitiveness in an evolving global economy.
