Every time I boot my PC I get the following error:
nwiz.exe has encountered a problem and needs to close...

What can I do to stop this? Do I need nwiz?

It is not really needed to keep your computer running. It is related to the nvidia graphic cards.

This application will give the user access to additional features which allow the configuration of up to 32 monitors on a host, or to expand the desktop across many monitors.

Really it is up to you if you want it or not. As for stopping the error message, I would say stopping it from booting up on start-up would cure that. If you choose to do this, read here, and use one of the ways on the page to disable its startup.

http://aumha.org/a/loads.php

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