Inflation, shortage of skilled workers top CEOs’ worries – PwC

Inflation, macroeconomic volatility, and the unavailability of skilled workers are the top pressures chief executive officers (CEOs) will be facing in running their businesses in the next twelve months, according to a PwC survey.

The 28th Annual Global CEO Survey, based on responses from 4,701 CEOs across the globe, including Nigeria, reveals that 58 percent of Nigerian CEOs expressed feeling highly or extremely exposed to inflationary pressures, exceeding the African average of 42 percent and the global average of 27 percent.

“In Nigeria, 31 percent of CEOs (compared to the global average of 23 percent) are concerned about a looming skills gap, citing limited availability of workers with key skills. This challenge is particularly pressing given Nigeria’s youthful population and growing economy, where industries like tech and finance require talent,” it said.

Read also: PwC says CBN must maintain tightening to stabilise naira, curb inflation

Despite economic uncertainty, 64 percent of CEOs in Nigeria remain optimistic about the economy and their business’s success in 2025, with 61 percent of Nigerian CEOs expecting global economic growth to improve.

A major insight from the report is the increased focus on technology and workforce reinvention. More than half of CEOs plan to invest in generative AI over the next three years, with the aim to boost operational efficiency and decision-making. However, only 27 percent have taken significant steps to upskill workers for this technological leap, underscoring a pressing skills gap.

Pedro Omontuemhen, Partner, Clients and Markets Leader, West Market, PwC Nigeria said, “Nigeria’s CEOs are seizing the growth potential of generative AI and climate change to reinvent their operations and business models to continue creating value for their stakeholders.

“This forward-thinking approach positions them for sustainable growth, leveraging technological advancements and human capital to drive innovation and competitive advantage in a rapidly evolving digital economy.”

Read also: PwC sees inflation easing to 26%, naira stabilising in 2025

Commenting on the report, Sam Abu, Regional Senior Partner, West Market Area, PwC Nigeria, said, “Thriving in Nigeria’s competitive business landscape demands resilience and strategic foresight from CEOs. Despite economic challenges like inflation and macroeconomic volatility, our survey shows Nigerian business leaders remain optimistic, not just about survival but about transformation.

“CEOs are actively reshaping their business models to seize emerging opportunities by venturing into new sectors, leveraging technology, and engaging with evolving customer segments.

“For CEOs yet to embrace this shift, the moment to act is now. Navigating disruption and megatrends requires a long-term vision and clear reinvention priorities, from business model transformation and generative AI adoption to sustainability strategies. The risk of delay can cause a widening gap between forward-thinking organisations and those struggling to keep pace,” he said.