‘We support clients in delivering successful strategies, drive new market opportunities’

In 2022, Strategy was launched in the West market area, including Nigeria and Ghana, with the appointment of Olusegun Zaccheaus as Partner and West Africa Lead Strategy&, PwC Nigeria. In this interview, Olusegun Zaccheaus, Strategy& Lead, West Africa, shares with The Guardian the company’s decade of excellence.

Can you tell us what reaching a decade of excellence means to you?
Our story extends far beyond this milestone and spans over a hundred years. As we celebrate 10 years of the Strategy & brand, we’re also proudly celebrating our unique heritage:

A legacy that combines more than a century of strategic consulting expertise with the technology and scale to make strategy real. This heritage signifies our wealth of experience, which drives our pragmatic approach to helping our clients forge a clear path from today’s potential to tomorrow’s promise. This is why we’re trailblazers of several management concepts. At the beginning of the 20th century, our company was the pioneer in establishing the terms “management consulting” and “supply chain management”. Even today, this pioneering spirit continues to inspire us here, in West Africa. That’s why we benchmark ourselves daily against the highest global standards and our own rich history to constantly push boundaries and deliver impactful solutions.

Can you elaborate on the relationship between Strategy& and PwC?
Strategy& is the global strategy consulting arm of PwC. Our journey started in 2014 with PwC’s acquisition of Booz & Company, a global leader in strategic consulting. This merger bore a new kind of consulting business — called Strategy &. This unique relationship means that we combine our strategy expertise, dating back to Strategy &’s founding in 1918, with PwC’s vast resources, technology and scale.
The name, Strategy&, signifies what Booz & Company brought to the PwC network: the ability to support the shaping of corporate and other strategies, and to help clients translate this advice into tangible actions. It is what we call a strategy-to-execution approach, and is one that is based on a 100-year consultancy legacy.
In 2022, recognising the need to be where our clients are, we launched Strategy& in West Africa, with my direct admission into the PwC Nigeria partnership. This brings the total number of Strategy& consultants across Africa to over 70.

What is the economic outlook for Nigerian businesses in 2024? And how can they build resilience and position themselves to achieve success?
I’m glad you asked. Earlier in the year, we published our Nigeria’s economic outlook for 2024. Our report highlighted among other things, the seven trends we believe will shape the economy in 2024, including: First, fiscal reform execution — Striking a balance between ambitious plans and realistic budgetary implementation. Second, the government has to find the right framework and instruments to achieve price stability, aligning fiscal and monetary policy. Third, investors will likely adopt a more cautious approach. Fourth, it’s vital to unlock productivity, but progress will be uneven in boosting economic productivity.
And then the economy will remain susceptible to external pressures with the potential for unforeseen shocks. Following which, consumers are expected to adapt more effectively to changing policy and macroeconomic realities.
Finally, we project Nigeria’s GDP to grow marginally by 3.1 per cent in 2024 on the back of sustained policy reforms, which are anticipated to drive progress in financial services, information and communication, and utilities sectors. So far, we have started to see some of these seven trends play out in the first quarter.
Our report further highlights the impact these trends will have on business revenues, cost of goods sold, general and administrative expenses, and finance costs. Organisations doing business in Nigeria need to understand the implications of these trends in addition to the impact of global megatrends on their business models and as a result reinvent their operations. Strategy &’s Nigeria economic outlook 2024 is available for free on our website.

What are some of the key achievements and milestones for Strategy& in Nigeria?
First, we’re excited to have made the bold move of launching Strategy& in the West African market in August of 2022. Since then, we have continued to support our clients in delivering successful strategies that focus on their differentiated capabilities, enabling them to be fit for growth and drive new market opportunities.
Building a strong team that leverages our vast global network of strategy consultants with deep industry expertise is also a key achievement.
Beyond team building, Strategy& continues to establish itself as a trusted advisor as demonstrated with our hosting the “Beyond Digital Workshop” in November 2022. This event resonated with senior executives in Nigeria and Ghana, sparking valuable discussions on navigating industry shifts, building resilience, and leading companies in the digital era. This initiative exemplifies Strategy &’s commitment to fostering collaboration and addressing critical issues for our clients and community.
We have also successfully implemented the “Capabilities-Driven Strategy” methodology for various Nigerian financial institutions. The approach helped these organisations shape their strategies by identifying and leveraging unique capabilities for success.
Strategy &’s achievements, including the Beyond Digital Workshop, demonstrate a commitment to supporting Nigerian businesses, addressing critical challenges, and contributing to the region’s economic growth.

Nigeria’s businesses face a dynamic landscape with both challenges and opportunities. How can Strategy& help them navigate this environment for success?
Nigeria’s dynamic business landscape presents a mix of challenges and opportunities. Companies grapple with technological disruption, infrastructure deficits, insecurity, and regulatory uncertainty. However, a growing and resilient population, a wave of progressive monetary and fiscal reforms and the rise of digital technologies offer exciting opportunities for innovation, market expansion, and growth.
Strategy& is well-equipped to support Nigerian businesses in navigating this dynamic environment. We offer several key advantages.
We’re a global network with local expertise. This enables us to combine a deep understanding of the Nigerian market with the strength and scale of the PwC network, uniquely providing opportunities to drive impact at scale for our clients.
We differentiate ourselves through our extensive industry expertise that spans a wide range of sectors.
Our research and insights continue to be relevant to doing business in West Africa. Some examples include the “Beyond Digital Workshop” and the “Nigeria Economic Outlook 2024.” This knowledge-sharing empowers stakeholders to navigate the complexities of the market and make informed decisions.
By leveraging these strengths, Strategy& can be a valuable partner for Nigerian businesses, helping them overcome challenges, capitalise on opportunities, and achieve sustainable growth.

Based on Strategy &’s experience and insights from PwC’s CEO Survey, how can Nigerian CEOs lead their organisations to thrive in an age of continuous reinvention?
Now more than ever, Nigerian CEOs face a need to reinvent their businesses, as highlighted by the 2024 Annual PwC Global CEO Survey. A substantial 45 per cent of CEOs in West Africa believe their company will not be viable in more than ten years if it stays on its current path. Technological disruption, Generative AI, climate change and other accelerating global megatrends continue to compel CEOs to adapt.
Companies that embrace continuous reinvention reap significant rewards. PwC’s research shows a 13x performance premium for “winning” companies, evidenced by improved profit margins and revenue growth.
Leading this transformation requires a broader view. Nigerian CEOs must not only adapt their business models but their operating and technology models as well to ensure sustainable growth. This might involve strategic partnerships to close capability gaps and leverage technology advancements.
Despite regional economic headwinds like inflation and exchange rate pressures, continuous reinvention presents a crucial opportunity for Nigerian CEOs to lead their organisations towards resilience and long-term success. CEOs are entrusted with reshaping themselves and their organisations for this new era. And Strategy& is well-positioned to support them in this critical journey.

What guides Strategy&’s overall approach for fostering growth and supporting businesses in West Africa?
Olusegun: Strategy&’s approach in West Africa is aligned with PwC’s global strategy, The New Equation, and “Our Humanity” strategy in PwC Africa. The New Equation is how we support our clients to continue to remain relevant, grow and thrive amidst a changing and chaotic world. Building trust for lasting impact on business and society.
Driven by our shared humanity, we focus on helping organisations build resilience, tackling tomorrow’s challenges, and reimagining the possible for our communities. In West Africa, this translates to delivering solutions that benefit not only businesses but also the broader community and society.
These principles are evident in Strategy&’s achievements, it’s why we are celebrating a decade of delivering exceptional results for our clients globally. Our focus on delivering the highest service quality creates a positive work environment, fostering trust-building with clients and tackling critical challenges for both businesses and society.
Strategy& will continue to leverage its consulting expertise and PwC’s network to help West African organisations reinvent their businesses for the future. In line with our drive of powering forward to a new frontier, we will continue to support organisations to achieve sustainable success that balances business growth with societal impact.

What does the future hold for Strategy& as it continues to support clients in the face of emerging challenges and opportunities?
Strategy& has been helping to reposition PwC into the advisor that can solve our clients biggest issues. I believe we will continue to work with our clients, supporting them to navigate an increasingly complex world. The business landscape is more challenging than ever. Existential threats like climate change and technological disruption are putting immense pressure on companies to adapt. The 2024 Annual PwC Global CEO Survey confirms this, with leaders anticipating significantly more pressure in the next three years compared to the past five. This environment makes business model transformation the key to survival. Thankfully, Strategy& is well-positioned to support our clients thrive in this dynamic business landscape. Looking ahead, we will continue to leverage our legacy of excellence in strategic thinking to help businesses adapt and thrive. We’re committed to pushing boundaries and delivering exceptional value to our clients, guiding them on the critical journey towards a more sustainable future.