According to Tola Adeyemi, senior partner at KPMG Nigeria, 71% of CEOs currently serving in Nigeria expect the country’s economy to grow. The KPMG 2022 CEO Outlook reveals that despite concerns of short-term recession, CEOs exhibit increased confidence in the long-term, indicating their preparedness to navigate their businesses through challenging times.
The report states, “In fact, when asked about their confidence in the resiliency of the global economy over the next six months—a period likely to be fraught with uncertainty and constant change—73% still maintained a positive outlook, a 13 percentage point increase from February 2022.”
Adeyemi highlights the significance of technology spending for CEOs, emphasizing the need to invest in technology as it has become a key area of expenditure. He notes that customers now evaluate companies based on the quality of their digital experiences.
Regarding talent management, Adeyemi explains that CEOs are increasingly focused on the employee value proposition due to the current talent market dynamics. They recognize the importance of transparency and prioritizing employee well-being.
The KPMG 2022 CEO Outlook acknowledges that while CEOs display resilience, they also acknowledge the challenges ahead. The report reveals that 73% of CEOs believe a recession could disrupt anticipated growth over the next three years, and 75% believe it will make post-pandemic recovery more difficult.
The report further states that 71% of CEOs anticipate that a recession will impact company earnings by up to 10% in the next 12 months. CEOs are better prepared than in previous years to tackle short-term challenges, with resilience measures in place, while still anticipating long-term growth.
Boosting productivity, managing costs, and reevaluating digital transformation strategies are identified as the top three steps taken by CEOs to address challenges.
Adeyemi also emphasizes the increasing importance of environmental, social, and corporate governance (ESG) factors, with employees considering these aspects when choosing which company to join. Finance institutions are also prioritizing ESG matters.
Additionally, gender diversity is recognized as a major concern, as CEOs acknowledge that a lack of gender diversity can negatively impact companies in the marketplace.
CEOs are focused on growth and understand the need for strategic partnerships to foster a supportive ecosystem for their companies.
Adeyemi reports that 71% of current CEOs anticipate economic growth in Nigeria.
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