Nigerian business leaders are leaning into artificial intelligence (AI) and strategic reinvention to future-proof their companies amid rising economic pressures, according to PwC’s 28th Annual Global CEO Survey.
The report reveals that 72% of Nigerian CEOs expect AI to significantly transform their workforce and skills strategies, outpacing their peers in Sub-Saharan Africa (60%) and globally (68%).
More than six in ten Nigerian CEOs (61%) also believe AI will become a central pillar of their business strategy, slightly ahead of the 58% recorded across Africa and globally.
AI is not just a buzzword
PwC’s findings suggest AI is not just a buzzword in Nigerian boardrooms, it is becoming a key driver of innovation.
According to the report, about 67% of Nigerian CEOs believe AI will spur the development of new products and services, far higher than the 30% global average, showing the country’s growing appetite for tech-driven growth.
“The data tells a story of CEOs who are under pressure, but also ambitious and willing to embrace innovation,” said PwC Nigeria’s Country Senior Partner, as highlighted in the report.
- Despite this optimism, CEOs are still grappling with macroeconomic volatility, inflation, high interest rates, and currency fluctuations. These challenges remain top of mind for most executives.
- A striking 58% of Nigerian CEOs feel highly or extremely exposed to inflation, well above the Sub-Saharan African average of 42% and the global average of 29%.
- Meanwhile, 31% are worried about a widening skills gap, citing a shortage of workers with the right capabilities to match emerging demands, especially in AI and tech.
Strategic reinvention
In response to economic pressure and evolving business landscapes, the report shows that Nigerian CEOs are already pivoting.
- According to the report, 61% have entered new sectors in the past five years, compared to 50% across SSA and 38% globally.
- In addition, 56% have expanded their customer base, significantly ahead of regional (42%) and global (32%) counterparts, while 42% have adopted new pricing models (vs. 34% SSA, 24% global), and
- Still, 39% have explored new go-to-market strategies (vs. 36% SSA, 25% global).
The report shows that nearly 42% of CEOs believe their businesses may not be viable in the next ten years without major transformation, reinforcing the urgency for continued innovation and diversification.
PwC’s recommendations
To navigate uncertainty and stay ahead, PwC advises Nigerian CEOs to:
- Fully integrate AI into business strategy, operations, and workforce planning.
- Expand across markets and geographies, and rethink distribution for efficiency.
- Improve strategic decision-making processes by using clear criteria and encouraging diverse viewpoints.
- Begin embedding climate considerations into long-term planning, even if they are not immediate risks.
According to PwC, the 28th Annual Global CEO Survey, based on responses from 4,701 CEOs across the globe, including Nigeria, reveals a narrative of opportunity and optimism. Despite economic uncertainty, CEOs in Nigeria remain optimistic about the economy and their business’s success.
