PwC: 64% of CEOs in Nigeria anticipate positive shift in economy

A PwC Nigeria survey says 64 percent of chief executive officers (CEO) in Nigeria are anticipating a positive shift in the country’s economy in 2025.

In a statement on Tuesday, PwC Nigeria said the survey findings were published in the Nigerian edition of its 28th Annual Global CEO Survey.

“The report highlights optimism, with 61 percent of Nigerian CEOs expecting global economic growth to improve and 64% anticipating positive shifts in Nigeria’s economy in 2025,” the report reads.

PwC highlighted that 61 percent of CEOs have ventured into new sectors within the last five years, showcasing a commitment to adaptability, while 67 percent identify artificial intelligence (AI) as a driver of innovation in products and services.

‘GREAT EXPECTATIONS IN ECONOMIC PROSPECTS’

PwC said confidence among CEOs in global economic growth is on the rise, signalling a significant shift in outlook.

“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,” the statement reads.

The report also underscores how CEOs in Nigeria are preparing for the future by incorporating generative AI for operational efficiency, revamping business models, and addressing climate-related challenges to ensure long-term success.

‘THE REINVENTION IMPERATIVE’

As global dynamics continue to reshape industries, the survey emphasised that CEOs in Nigeria are navigating a critical juncture.

“The urgency to reinvent business models stems from key imperatives: ensuring long-term viability, adapting to disruption and megatrends, and effectively managing evolving risks,” the company added.

PwC also outlined the primary concerns of CEOs over the next year.

“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,” the company said.

“Other major risks include macroeconomic volatility 39%, a shortage of skilled workers 31%, and both geopolitical conflict and cyber threats 25%.”

‘LEADERSHIP INSIGHTS’

Sam Abu, regional senior partner, West Market Area, PwC Nigeria, emphasised the need for resilience and strategic planning in Nigeria’s competitive business environment.

“Despite economic challenges like inflation and macroeconomic volatility, our survey shows Nigerian business leaders remain optimistic—not just about survival but about transformation,” Abu said.

“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.”

He warned that delays could create a growing divide between innovative organisations and those unable to keep up.

Pedro Omontuemhen, partner and clients and markets leader, West Market Area, PwC Nigeria, also shared his perspective, stressing the urgency of reinvention as a necessity rather than an option.

“True transformation goes beyond strategy, requiring a fundamental shift in value proposition, market approach, profit model, and operational capabilities to secure sustainability,” he said.

Omontuemhen added that in a time of rapid change, the most successful organisations will embed agility in their decision-making processes and align reinvention efforts with long-term value creation.