A report by PriceWaterCoopers (PwC), has shown that about 41 per cent of family businesses in Nigeria expect a decline in sales growth this year.
According to the survey titled, Global Family Business Survey for 2021, views of 2,801 family business leaders and decision-makers across 87 territories were sampled.
This tenth edition of the report, which is run biennially, was unveiled at a virtual launch with guest speakers including, Kabiru Rabiu, the Group Executive Director at BUA Group and ASR Africa, and Nnenna Obiejesi, Group Executive Director at Nestoil and Obi-Jackson Foundation.
Esiri Agbeyi, Partner and Family Business Leader at PwC Nigeria spoke about their sustenance in the face of COVID-19.
“There is a big task for family businesses, especially in Nigeria to effectively manage emerging risks by adopting business resilience measures across all service lines – sales, production, human capital, technology and research”.
On his part, 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 will ensure that every naira invested is put to the best use.
Obiejesi said communication and transparency are key ingredients for operating on a global platform and this will ensure the sustainability of the business from one generation to another.
Uma Kymal, Associate Director Family Business & Foundations PwC Nigeria said: “Based on their significance, it is pertinent that lasting family businesses emerge in Nigeria if Nigeria will realise its desired growth potentials of four percent to six percent annually.”