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41% Family Businesses in Nigeria to Decline in Sales Growth —Survey

By Princewill Ekwujuru About 41 percent of family businesses in Nigeria are expected to decline in sales growth in 2021, according to findings by PricewaterhouseCoopers (PwC) global family business survey for 2021. The survey, which builds on PwC’s long-time involvement in supporting family businesses around the world, examines the views of 2,801 family business leaders and decision-makers across 87 territories.

The report noted that 60 percent businesses agree that their digital capabilities are not strong, but with only 34 percent having deemed it a priority. Fifty percent have no governance policies, while 70 percent say in order to succeed going forward they must deliver greater benefits for the globe and human society by 53 percent.

Speaking on the issue of governance, Group Executive Director, BUA Group & ASR Africa, Kabiru Rabiu said: “Family businesses must continue to improve their governance by ensuring that they have good audit mechanisms and the right people at management and trustee levels. This he said will ensure that every naira invested is put to the best use.”

The Partner & Family Business Leader, PwC Nigeria, Esiri Agbeyi stated: “With global disruptions like COVID-19, there is the need to focus on factors that turn current businesses into legacies for generations to come.”

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