More CEOs worried about inflation, skills gap —PwC Report
A rising number of Nigerian Chief Executive Officers (CEOs) are increasingly concerned about inflation and a widening skills gap, according to the PwC 28th Annual Global CEO Survey: Nigerian Perspective. The report, released by PricewaterhouseCoopers (PwC), highlighted that economic uncertainty, rising operational costs, and a fast-changing labour market were major challenges for business leaders in the country.
The survey revealed that 58 percent of Nigerian CEOs feel highly or extremely exposed to inflationary pressures, well above the African average of 42 percent and the global average of 29 percent. In addition, 31 percent of Nigerian CEOs cite concerns about a looming skills gap — a figure notably higher than the global average of 23 percent. This shortage is particularly alarming for high-growth industries like technology and finance, where specialised skills are increasingly in demand.
'CEOs in Nigeria are navigating a complex environment marked by macroeconomic volatility, high interest rates, inflation, and currency fluctuations,' PwC stated. These issues were compounded by geopolitical tensions and security threats such as trade disputes, terrorism, and violence, with one in four CEOs listing them as major concerns.
Interestingly, while only 3 percent of Nigerian CEOs see climate change as a significant short-term risk— compared to 14 percent globally—67 percent have already made climate-friendly investments over the past five years. This reflects a more strategic and opportunity-driven approach to sustainability. However, challenges remain, including limited government support, lack of catalytic capital, and insufficient skills in sustainable finance.
To remain competitive, PwC recommends that Nigerian CEOs embrace artificial intelligence (AI), integrating it into business strategies, product development, and operations. CEOs should also prioritize strategic reinvention — adapting to shifting consumer preferences and expanding their market reach.
Despite ongoing economic challenges, the survey, which gathered insights from 4,701 CEOs globally, including those in Nigeria, found that local business leaders remain optimistic about the country's economic prospects and their ability to achieve long-term growth.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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