Nigerian CEOs outpace global peers in AI, diversify strategies amid economic challenges – PwC

Business leaders in Nigeria are increasingly turning to artificial intelligence (AI) and strategic innovation to secure the future of their companies, despite mounting economic pressures, a new PwC report has revealed.

According to PwC’s 28th Annual Global CEO Survey, 72 percent of Nigerian CEOs believe AI will significantly reshape their workforce and skills strategies. This figure surpasses the regional average in Sub-Saharan Africa (60 percent) and the global average (68 percent).

The survey, which gathered insights from 4,701 CEOs worldwide, including Nigeria, highlights how the country’s top executives are placing AI at the heart of their corporate strategies. Sixty-one percent of Nigerian CEOs view AI as a central pillar of their business approach, slightly above the 58 percent recorded both regionally and globally.

“AI is no longer just a buzzword in Nigerian boardrooms. It is now seen as a key driver of innovation,” PwC Nigeria’s Country Senior Partner noted in the report.

About 67 percent of Nigerian CEOs expect AI to catalyse the creation of new products and services. This is more than double the global average of 30 percent, signalling a strong appetite for tech-driven growth.

However, this innovation push comes amid ongoing economic challenges. A striking 58 percent of Nigerian CEOs say they feel highly or extremely exposed to inflation, well above the regional average of 42 percent and the global average of 29 percent. Additionally, 31 percent cited a widening skills gap as a major concern, particularly in areas related to AI and technology.

To adapt, many CEOs are pursuing strategic reinvention. The report shows that 61 percent of Nigerian CEOs have ventured into new sectors over the past five years, compared to 50 percent in Sub-Saharan Africa and 38 percent globally. Meanwhile, 56 percent have expanded their customer base, far ahead of the regional (42 percent) and global (32 percent) averages.

Other strategies include adopting new pricing models, with 42 percent of Nigerian CEOs doing so compared to 34 percent in Sub-Saharan Africa and 24 percent globally. Additionally, 39 percent have explored fresh go-to-market strategies, compared to 36 percent regionally and 25 percent globally.

Notably, nearly 42 percent of Nigerian CEOs believe their businesses may not remain viable over the next decade without significant transformation. This underscores the urgency for innovation and diversification.

To help leaders navigate this uncertain environment, PwC advises full AI integration into business operations, expansion into new markets, enhancement of decision-making through diverse perspectives, and the embedding of climate considerations into long-term planning.

Despite the challenges, PwC’s survey paints a picture of resilience and ambition among Nigerian CEOs. These leaders remain optimistic about their future and are determined to adapt in a rapidly evolving world.