58% of Nigerian CEOs see inflation as threat to business – Survey

Foremost accounting firm, PwC, yesterday released the 28th Annual Global CEO Survey: Nigerian perspective, highlighting how Nigerian Chief Executive Officers (CEOs) are making strategic decisions to reinvent their businesses amid rising economic uncertainty and megatrends like GenAI and Sustainability. According to the survey, the CEOs are optimistic about the growth of the Nigerian economy despite […]

Foremost accounting firm, PwC, yesterday released the 28th Annual Global CEO Survey: Nigerian perspective, highlighting how Nigerian Chief Executive Officers (CEOs) are making strategic decisions to reinvent their businesses amid rising economic uncertainty and megatrends like GenAI and Sustainability.

According to the survey, the CEOs are optimistic about the growth of the Nigerian economy despite the macroeconomic challenges.

According to the report, nearly 60% of CEOs globally and 61% in Nigeria anticipate a rise in global economic growth over the next 12 months, up from 38% in last year’s global survey.

Despite economic challenges like inflation and macroeconomic volatility, 64% of Nigerian CEOs express confidence in the growth of the domestic economy.

However, on the top pressure CEOs are facing, 58 per cent of them cite inflation and macroeconomic volatility (39%) as top threats in the year ahead.

Daily Trust reports that Nigeria’s inflationary trend has weakened purchasing powers among Nigerians leaving stocks of goods produced by the manufacturers unsold.

The Manufacturers’ Association of Nigeria (MAN) recently disclosed that the inventory of unsold finished goods in Nigeria surged by 87.5 per cent to N2.14 trillion in 2024 with the increment driven by weakened consumer demand, escalating production costs and declining purchasing power.

Amid the challenges, the survey indicated that CEOs in Nigeria are reinventing their operations and business models and they are exploring new sectors (61%) and targeting new customer segments (56%), demonstrating agility and positioning themselves for success.

Also, 81% of CEOs, according to the report, are anticipating integration of AI into their technology within the next three years as AI adoption is emerging as a critical lever for long-term growth.

In terms of sustainability, the survey further indicated that 67% of CEOs have made climate-friendly investments over the past five years.

Commenting, Sam Abu, Regional Senior Partner, West Market Area, PwC Nigeria, said, “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.”

The survey however advised CEOs who are yet to embrace the shift to act 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,” it said.

PWC stated that the survey highlights the resilience and adaptability of CEOs in Nigeria amid economic uncertainties.

“It highlights the importance of strategic reinvention, AI integration, and sustainability in driving future growth and success,” it added.