Findings by PricewaterhouseCoopers global family business survey for 2021 has revealed that about 41 percent of family businesses in Nigeria are expected to decline in sales growth in the year.
The survey examined the views of 2,801 family business leaders and decision-makers across 87 territories.
The report is targeted at building on PwC’s long-time involvement in supporting family businesses around the world.
The report noted that 60 percent of businesses agree that their digital capabilities are not strong, with only 34 percent having deemed it a priority.
Also, 50 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.
Commenting further, the 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.”