Nigerian Family Businesses (FBs) have had a challenging year but rewarding as well. They have had to face tremendous headwinds with the currency issues and stock market fluctuations in addition to the pandemic. Despite this, our survey findings show they have been resilient and growth is slowly returning to the market. Gaps exist in areas such as governance and sustainability.
Families also need to start thinking about how to protect their legacy and getting the NextGen upskilled to be able to professionalise their organisations. The time to act is now if family businesses want to keep their legacy for future generations.
Our report provides insights and makes recommendations for Family Businesses and other stakeholders.
Family Business Survey Launch- 2021
Watch the launch of the survey. Our special guests and panelists share insights on how family businesses can protect their legacy..
41% expect a decline in sales growth in 2020, a sharp turnaround relative to 53% who experienced growth pre-COVID. On a brighter note, 66% expect to grow in 2021 and are more ambitious for 2022 (94%). Only 25% cut dividends at the expense of salaries to owners but staff of Nigerian businesses received less staff support than the global average.
60% say that their digital capabilities are not strong, but only 34% have deemed it a priority.
50% have no governance policies. Only 25% have succession plans and 9% have a family constitution.
70% say that in order to succeed going forward they must deliver greater benefits for the planet and the society. 91% of Nigerian family businesses engage in some form of social responsibility activities to the local community which is still traditional.
Contact us
Partner, Private Clients & Family Business Leader, PwC Nigeria
Tel: +234 (1) 271 1700
