PwC Survey: Nigerian CEOs Battling Inflation but Remain Hopeful, Focus on AI and Sustainability

A new report by PricewaterhouseCoopers (PwC) has revealed that Nigerian Chief Executive Officers (CEOs) are facing significant pressure from inflation and economic instability, yet remain hopeful about the country’s future economic outlook. The 28th Annual Global CEO Survey, which gathered responses from 4,701 CEOs globally—including Nigeria—shows that 58 per cent of Nigerian CEOs cite inflation as their biggest concern, while 39 per cent are worried about macroeconomic volatility.

Despite these challenges, optimism is on the rise. 61 per cent of Nigerian CEOs said they expect economic growth to improve over the next 12 months, up from 38 per cent in 2024, marking a significant leap in confidence.

According to PwC, Nigerian business leaders are not sitting idle in the face of economic headwinds. The report shows that 61 per cent are exploring new sectors, while 56 per cent are shifting their focus to new customer segments. These shifts signal a move toward reinvention and long-term business sustainability, as leaders look beyond short-term survival to long-term value creation.

PwC noted that this transformation mindset is not unique to Nigeria. Globally, nearly 60 per cent of CEOs anticipate economic growth in the next year. For Nigeria, the optimism comes despite the country battling double-digit inflation, currency instability, and a challenging business environment.

Sam Abu, Regional Senior Partner for PwC Nigeria, explained that the new mindset is proactive rather than defensive. “Nigerian CEOs are not just looking to survive. They’re focused on transforming their business models to seize new opportunities in this volatile environment,” he said.

One of the key areas Nigerian CEOs are betting on is Artificial Intelligence (AI). The report reveals that 81 per cent of Nigerian CEOs plan to integrate AI into their operations within the next three years, underscoring the technology’s importance for innovation and competitiveness. This figure aligns with broader global trends that show CEOs increasingly see AI as a strategic necessity rather than a luxury.

Another focus area is sustainability. About 67 per cent of Nigerian CEOs have made climate-friendly investments in the past five years, and 61 per cent have tied executive incentives to sustainability performance. This shows that environmental concerns are beginning to play a larger role in boardroom decisions, even amid pressing economic challenges.

While the positive outlook is encouraging, PwC cautions that the risks of inflation and macroeconomic shocks are far from over. The report concludes that businesses slow to adapt may fall further behind, particularly as competitors move aggressively to modernise their operations and offerings.

Sam Abu summed it up: “CEOs who haven’t yet adapted must act now. The gap between businesses embracing transformation and those lagging behind will only continue to grow.”