Nigerian CEOs Embrace AI and Market Expansion to Tackle Economic Challenges – PwC Survey

Nigerian CEOs are aggressively adopting artificial intelligence and exploring new markets as part of broader efforts to future-proof their companies in a volatile economic environment, according to PwC’s 28th Annual Global CEO Survey. A striking 72% of Nigerian executives expect AI to significantly transform their workforce and skills strategies, higher than their peers in Sub-Saharan Africa and globally. Over 60% believe AI will soon become central to their business models, underlining its growing role beyond a buzzword and into a core strategic tool.

The report also highlights how Nigerian CEOs are more bullish than their global counterparts on AI’s potential to spark innovation, with 67% expecting it to drive new products and services—more than double the global average. Despite the optimism, many leaders are still navigating serious headwinds such as inflation, high interest rates, and currency fluctuations. A significant 58% of respondents feel highly exposed to inflation, far exceeding regional and global averages. In addition, 31% cite a growing skills gap, particularly in tech and AI capabilities, as a critical concern.

To stay resilient, CEOs in Nigeria are actively reinventing their businesses. In the last five years, 61% have entered new sectors, while 56% have expanded their customer bases. Many are also tweaking their operational models, with a notable shift toward new pricing and go-to-market strategies. This drive for strategic renewal reflects the belief among 42% of CEOs that their current business models may not be viable within the next decade without significant transformation.

PwC recommends Nigerian CEOs double down on AI integration, market expansion, and inclusive decision-making to maintain a competitive edge. The report encourages proactive thinking around climate issues and urges leaders to embed long-term sustainability into their business strategies. Despite economic pressures, the survey paints a picture of ambitious and forward-thinking CEOs who are not just surviving uncertainty but using it as a launchpad for bold innovation and growth.

Source: Nairametrics