Nigerian CEOs wager huge on AI, new markets amid financial uncertainty – PwC survey 

Nigerian enterprise leaders are leaning into synthetic intelligence (AI) and strategic reinvention to future-proof their corporations amid rising financial pressures, in line with PwC’s twenty eighth Annual World CEO Survey.

The report reveals that 72% of Nigerian CEOs anticipate AI to considerably remodel their workforce and abilities methods, outpacing their friends in Sub-Saharan Africa (60%) and globally (68%).

Greater than six in ten Nigerian CEOs (61%) additionally consider AI will turn into a central pillar of their enterprise technique, barely forward of the 58% recorded throughout Africa and globally.

AI is not only a buzzword

PwC’s findings counsel AI is not only a buzzword in Nigerian boardrooms, it’s turning into a key driver of innovation.

Based on the report, about 67% of Nigerian CEOs consider AI will spur the event of recent services and products, far greater than the 30% international common, displaying the nation’s rising urge for food for tech-driven progress.

“The info tells a narrative of CEOs who’re beneath strain, but in addition formidable and prepared to embrace innovation,” mentioned PwC Nigeria’s Nation Senior Associate, as highlighted within the report.

• Regardless of this optimism, CEOs are nonetheless grappling with macroeconomic volatility, inflation, excessive rates of interest, and forex fluctuations. These challenges stay prime of thoughts for many executives.
• A placing 58% of Nigerian CEOs really feel extremely or extraordinarily uncovered to inflation, effectively above the Sub-Saharan African common of 42% and the worldwide common of 29%.
• In the meantime, 31% are anxious a few widening abilities hole, citing a scarcity of employees with the best capabilities to match rising calls for, particularly in AI and tech.

Strategic reinvention 

In response to financial strain and evolving enterprise landscapes, the report reveals that Nigerian CEOs are already pivoting.

• Based on the report, 61% have entered new sectors prior to now 5 years, in comparison with 50% throughout SSA and 38% globally.
• As well as, 56% have expanded their customer base, considerably forward of regional (42%) and international (32%) counterparts, whereas 42% have adopted new pricing fashions (vs. 34% SSA, 24% international), and
• Nonetheless, 39% have explored new go-to-market methods (vs. 36% SSA, 25% international).

The report reveals that almost 42% of CEOs consider their companies is probably not viable within the subsequent ten years with out main transformation, reinforcing the urgency for continued innovation and diversification.

PwC’s suggestions 

To navigate uncertainty and keep forward, PwC advises Nigerian CEOs to:

• Absolutely combine AI into enterprise technique, operations, and workforce planning.
• Broaden throughout markets and geographies, and rethink distribution for effectivity.
• Enhance strategic decision-making processes through the use of clear standards and inspiring various viewpoints.
• Start embedding local weather issues into long-term planning, even when they don’t seem to be quick dangers.

Based on PwC, the twenty eighth Annual World CEO Survey, based mostly on responses from 4,701 CEOs throughout the globe, together with Nigeria, reveals a story of alternative and optimism. Regardless of financial uncertainty, CEOs in Nigeria stay optimistic concerning the economic system and their enterprise’s success.