Nigerian CEOs Bullish On Economic Growth And Transformation, PwC Survey Reveals.
Nigerian business leaders are displaying remarkable optimism about economic prospects and are actively reshaping their organisations to thrive in a dynamic landscape, according to PwC Nigeria’s findings from its 28th Annual Global CEO Survey.
The report, released today, reveals that 61% of Nigerian CEOs anticipate an improvement in global economic growth over the next 12 months, aligning closely with 63% across Sub-Saharan Africa and 58% globally. Confidence in Nigeria’s own economy is even stronger, with 64% expecting positive shifts in 2025. This marks a significant upswing from last year’s 38% and a stark contrast to just 18% two years ago.
Sam Abu, Regional Senior Partner for PwC Nigeria’s West Market Area, highlighted the resilience driving this optimism. “Thriving in Nigeria’s competitive business landscape demands resilience and strategic foresight,” he said. “Despite challenges like inflation and macroeconomic volatility, Nigerian CEOs are not just focused on survival but on transformation. They are venturing into new sectors, leveraging technology, and engaging with evolving customer segments.”
The survey underscores a strong commitment to reinvention, with 61% of CEOs having expanded into new sectors over the past five years and 67% viewing artificial intelligence (AI) as a key driver of innovation in products and services. However, Abu warned that hesitation could widen the gap between forward-thinking firms and those lagging behind. “For CEOs yet to embrace this shift, the moment to act is now,” he urged, emphasising the need for long-term vision in navigating disruption, adopting generative AI, and prioritising sustainability.
Economic Optimism and Reinvention Imperative
The report highlights a pivotal moment for Nigerian businesses as global forces reshape the corporate landscape. Pedro Omontuemhen, Partner and Clients and Markets Leader at PwC Nigeria, stressed the urgency of transformation. “With four in ten Nigerian CEOs uncertain about their businesses’ long-term viability, reinvention is no longer optional; it’s essential,” he said. “True transformation requires a fundamental shift in value proposition, market approach, and operational capabilities to secure sustainability.”
Nigerian CEOs are proactively future-proofing their organisations, embracing generative AI for efficiency and addressing climate-related challenges. However, significant risks loom large. Inflation is the top concern, with 58% of CEOs feeling highly or extremely exposed—well above the global average of 27%. Other pressing issues include macroeconomic volatility (39%), a shortage of skilled workers (31%), and geopolitical conflict and cyber threats (both 25%).
Despite these challenges, the survey paints a picture of a business community poised for growth and innovation. As Nigerian CEOs navigate this critical juncture, their focus on agility and long-term value creation positions them to capitalise on emerging opportunities and drive sustainable success.
