Chief Executive Officers scattered across Nigeria are currently battling with inflation and macroeconomic volatility, the 28th Annual Global CEO Survey of PwC has revealed.
The research, which is based on feedback from 4,701 CEOs worldwide, including Nigeria, has shed light on how 58% of Nigerian CEOs are deeply concerned about the current inflation, while 39% are very bothered about macroeconomic volatility.
According to PwC, their findings have shown that Chief Executive Officers in the country are resorting to employing strategic measures to aid their adaptation to the current economic reality. And while about 61% of them are trying to explore new sectors, 56% prefer to target fresh customer segments.
This signifies an obvious shift toward reinvention, with Nigerian business leaders fighting for their longevity in the world of entrepreneurship.
On an optimistic note, PwC reports that Nigerian CEOs remain hopeful that the economy will improve eventually, as 61% of its CEOs are expecting a rise in economic growth over the next 12 months, up from 38 per cent in 2024’s global survey.
The research highlighted how more business leaders in Nigeria keep expressing confidence in the growth of the domestic economy, despite the current inflationary pressures and economic instability.
“CEOs remain optimistic about the economy, with nearly 60 per cent of CEOs globally and 61 per cent in Nigeria anticipating a rise in economic growth over the next 12 months, up from 38 per cent in last year’s global survey.
Despite a local economy marked by inflationary pressures and macroeconomic volatility, with 64 per cent expressed confidence in the growth of the domestic economy. In response to growing economic pressures, CEOs in Nigeria are reinventing their operations and business models to create value in new ways,” it read.
According to the Regional Senior Partner, West Market Area, PwC Nigeria, Sam Abu, CEOs who have failed to adapt to our economic reality must act fast because the gap between the business leaders adapting and those who aren’t will continue to increase.
“Nigerian CEOs are not just looking to survive. They’re focused on transforming their business models to seize new opportunities in this volatile environment.
CEOs who haven’t yet adapted must act now. The gap between businesses embracing transformation and those lagging behind will only continue to grow,” he said.
