58% of Nigerian CEOs Cite Inflation as Top Threat, Yet 64% Remain Confident in Economic Growth – Survey
Nigerian CEOs Navigate Inflation Storm with Cautious Optimism A new PwC survey highlights the duality of Nigeria’s business landscape: while 58% of CEOs rank inflation and macroeconomic volatility as top threats, 64% express confidence in the nation’s economic growth. Amid soaring prices and weakened consumer demand, business leaders are pivoting to AI, sustainability, and new markets to stay afloat. The Inflation Crisis: Strains on Businesses Unsold Goods Surge: Manufacturers’ unsold inventory hit ₦2.14 trillion in 2024 (up 87.5% YoY) due to plummeting purchasing power. Consumer Squeeze: Rising production costs and stagnant wages force Nigerians to prioritize essentials over discretionary spending. CEO Concerns: 58% cite inflation as their biggest hurdle; 39% fear macroeconomic instability. Adapting to Survive: CEO Strategies for 2024 Market Diversification: 61% exploring new sectors (e.g., renewable energy, agritech). Customer-Centric Shifts: 56% targeting underserved demographics (e.g., budget-conscious youth). AI Integration: 81% plan to adopt AI within three years to streamline operations and boost […]