PwC Nigeria has released the Nigerian findings of its 28th Annual Global CEO Survey, offering insights into business leaders’ perspectives across industries.
The report highlights optimism, with 61% of Nigerian CEOs expecting global economic growth to improve and 64% anticipating positive shifts in Nigeria’s economy in 2025. Reflecting a commitment to strategic reinvention, 61% have expanded into new sectors over the past five years, while 67% see AI as a catalyst for innovation in products and services.
Commenting, Sam Abu, Regional Senior Partner, West Market Area, PwC Nigeria, stated: “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.”
Great Expectations in Economic Prospects
CEO confidence in global economic growth is rising, marking a notable shift in sentiment. In Nigeria, 61% of CEOs expect an improvement in the next 12 months, mirroring optimism across Sub-Saharan Africa 63% and globally 58%. This contrasts sharply with previous years—only 38% were optimistic last year, and a mere 18% two years ago.
PwC’s survey highlights how Nigerian CEOs are future-proofing their businesses, embracing generative AI for efficiency, reshaping business models, and tackling climate-related challenges to secure long-term viability.
The Reinvention Imperative
As global forces reshape the business landscape, Nigerian CEOs stand at a critical phase. The urgency to reinvent business models stems from key imperatives: ensuring long-term viability, adapting to disruption and megatrends, and effectively managing evolving risks.
Commenting, Pedro Omontuemhen, Partner and Clients and Markets Leader, West Market Area, PwC Nigeria, said: “With four in ten Nigerian CEOs uncertain about their businesses’ long-term viability, reinvention is no longer optional; it’s essential. True transformation goes beyond strategy, requiring a fundamental shift in value proposition, market approach, profit model, and operational capabilities to secure sustainability. In an era of rapid change, the most successful organisations will be those that embed agility into decision-making and align reinvention with long-term value creation.”
Our report underscores the most pressing concerns for CEOs over the next 12 months. Inflation tops the list, with 58% of respondents feeling highly or extremely exposed, far exceeding the global average of 27% and 42% in Sub-Saharan Africa.
Other major risks include macroeconomic volatility 39%, a shortage of skilled workers 31%, and both geopolitical conflict and cyber threats 25%.
