How Nigerian family businesses showed resilience & thrived amid COVID-19 pandemic

Nigerian family businesses have faced a period of challenges and rewards, navigating through the headwinds of currency and stock market fluctuations, in addition to the global pandemic. Aceria Edway, the lead for family business and private client services at PwC Nigeria, shared insights on the trends in the family business sector in Nigeria compared to the global landscape. While sustainability ranked high for global companies, Nigerian family businesses prioritized survival during the pandemic due to economic struggles. This shift in focus shaped the strategies and priorities of family businesses in Nigeria amidst the challenging times. As Nigeria's economy shows signs of recovery and global oil prices fluctuate, family businesses are exploring new avenues for growth and resilience. Diversifying income streams, adapting business models, and leveraging digital capabilities are key strategies for family businesses to thrive in the near term. The next generation of family businesses in Nigeria is emerging as drivers of change, emphasizing the importance of strategic planning and digital transformation to ensure sustainability and growth. However, challenges around governance and succession planning remain critical for family businesses in Nigeria. The lack of governance structures and conflict resolution mechanisms poses risks to the long-term continuity of family businesses. Addressing these challenges by establishing family constitutions, conflict resolution mechanisms, and corporate governance policies is essential for the survival and success of family businesses in Nigeria. Despite the resilience and potential of family businesses in Nigeria, strategic thinking and proactive measures are needed to overcome obstacles and drive sustainable growth.