Strategy: Here are the 4 biggest challenges facing top CEOs in Nigeria

The 2018 Nigeria CEO Outlook by KPMG explores the views and insights of business leaders in Nigeria.

• Nigerian CEOs looking at ways to reposition their brand to meet the needs of the millennials.

• Emerging technology risk is seen as the single biggest threat by 28% of Nigerian CEOs.

• The 2018 Nigeria CEO Outlook released by KPMG explores the views and insights of business leaders in Nigeria.

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A cross section of CEOs across industries in Nigeria have identified talent, emerging technology and needs of millennials as major issues facing industries and their businesses over the short to medium term.

This was contained in the 2018 Nigeria CEO Outlook released by KPMG, on Tuesday, July 10, 2018.

The survey in its fourth year and the maiden edition in Nigeria examined 1,300 CEOs of the largest companies from around the world. The study explores the views and insights of business leaders on business drivers, risks and pain points impacting industries and businesses in Nigeria.

Here are some of the findings from the survey:

1. Threats to Growth

According to the report, despite the optimism and excitement about the prospects for growth, CEOs have some major stay awake issues. The majority (88%) of Nigerian CEOs say that operational risk is one of the greatest threats to their organisation’s growth, while 48% say the same for talent risk.

Emerging technology risk is seen as the single biggest threat by 28%.

2. Technological disruption

ALSO READ: These 10 key risks are likely to affect your business in Nigeria, according to KPMG

Nigerian CEOs are aware of the potential opportunities for technological disruption but they are struggling to run parallel processes to transform the digital and non-digital aspects of their businesses. 88% of Nigerian CEOs are of the opinion that their digital and technology investments are strategic and long-term but 64% of them expect to see a significant return on such investments in 12 months.

3. Meeting the needs of the customers of the future – the needs of the Millennials

Nigerian CEOs looking at ways to reposition their brand to meet the needs of the millennials and about 40% of them said it is a challenge to understand how the needs of the millennials differ from older customers.

 

4. Cyber Threats

Cybercrime is a big threat in every industry but Nigerian CEOs said they are well aware and prepared for a cyber-attack while 96% of them are confident in their ability to identify new threats and manage stakeholder when it occurs.

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