Abuja, Nigeria. November 11th, 2014 –The Portfolio of Indices report released by NOIPolls Limited for the month of October 2014 reveals that the NOIPolls Personal Well-Being Index(PWBI) slightly decreased by 0.6-point to stand at 45-points. In addition, there was a decline in all the indicators that comprise the PWBI except for the Social Interaction and Personal Religion Indices which both experienced an increase of 1-point and 0.2-point respectively. Further findings reveal that the Present Situation Index (PSI) and the Expectation Index (EI), the two indicators that make up the NOIPolls Consumer Confidence Index (CCI), increased by0.4-point and 0.2-point respectively, thus bringing the CCI to 71.6-points in October 2014. These are the key highlights from the October Portfolio of Indices Result Release.
In February 2014, NOIPolls Limited introduced its portfolio of indices; the NOIPolls Personal Well-Being Index (PWBI), the NOIPolls Consumer Confidence Index (CCI) and the NOIPolls Eagle 30 Business Confidence Index (EBCI). The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians; thereby producing a complete view of the individual’s personal well-being. The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future. The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations about the Nigerian business environment using the top 30 companies in the country.
Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions. At best, they draw conclusions on the business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming. However, the introduction of these indices provide indicators that will ensure stakeholders can detect and respond to changes in consumer behavior, the economy, and the business environment in Nigeria.
This report presents the October 2014 results for the NOIPolls Personal Well-Being Index (PWBI) and NOIPolls Consumer Confidence Index (CCI).
The NOIPolls Personal Well-Being Index (PWBI
The NOIPolls Personal Well-Being Index for October 2014 declined by 0.6-point to stand at45-points, following the attainment of its peak in September when it stood at 45.6-points. Analysis of the individual indicators that make up the PWBI reveals differences in perception and satisfaction of Nigerians on several areas of their lives. Nigerians are most satisfied with their Physical Health (74.9-points), Social Interaction (79.2-points), andReligion (89.4-points). Nigerians are somewhat neutral about their Standard of Living(51.3-points), Achievement in Life (54.3-points) and Personal Security (59.2-points), while Nigerians are not satisfied with their Personal Economic Situation (43.2-points). This index has continued to be the lowest ranked indicator since January 2014.
Monthly trend analysis shows that almost all of the indicators that makeup the PWBIexperienced a decline with the highest seen in the Achievement in Life index with 2.5-points. This may have been influenced by the realisation of the year coming to an end where individuals are likely to appraise their achievement of goals set at the beginning of the year. On the other hand, the Social Interaction index and Religion index were the only indicators that experienced an increase in the month of October 2014 with 1-point and 0.2-point respectively.
Further findings from trend analysis show that the NOIPolls PWBI assumed a downward direction in October following an upward trend in the three months of the third quarter (Q3) of 2014, where it peaked in September. Although the NOIPolls PWBI experienced a slight decrease of 0.6-point in October 2014, however, it still remains the second highest for the year. Additionally, the PWBI average from January 2014 till date is 42.9-points; PWBI for the month of October 2014 is 2.1-points above this average. To read more on NOIPolls Personal Well-Being Index for October, click here
The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for October 2014 increased by 0.3-point to 71.6-points. This represents a continuous increase since August 2014; suggesting that Nigerians have maintained a positive disposition about their current situation and are also hopeful for a promising future.
The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). The PSI slightly increased by 0.4-point to stand at 63.2-points, revealing that Nigerians are quite confident of the present economic situation. The EI also increased by 0.2-point to currently stand at 77.9-points, implying that consumers are very optimistic about the future.
Trend analysis reveals that the overall CCI has maintained an upward trend from August 2014 with a total increase of by 0.9-point. The CCI average since January 2014 is 72.9-points,inferring that the CCI for October 2014 is 1.3-points below the average. To read more on NOIPolls Consumer Confidence Index for October, click here
In conclusion, current poll results have revealed that the NOIPolls Personal Well-Being Index(PWBI) slightly decreased by 0.6-point to stand at 45-points in October 2014, with all the indicators that comprise the PWBI experiencing a decrease, except the Social Interaction Index and the Religion Index. Comparably, the NOIPolls Consumer Confidence Index forOctober 2014 increased by 0.3-point to stand at 71.6-points. More findings show that the Present Situation Index (PSI) and the Expectation Index (EI) both increased by 0.4-point and0.2-point respectively.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of October 2014. The PWBI involved telephone interviews of a random nationwide sample. 1,000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed. With a sample of this size, we can say with 95% confidence that the results obtained are statistically precise - within a range of plus or minus 3%.
In addition the CCI involved telephone interviews of a random nationwide sample. 4,000randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed. With a sample of this size, we can say with 95% confidence that the results obtained are statistically precise - within a range of plus or minus 2%. NOIPolls Limited, No1 for country specific polling services in West Africa, which works in technical partnership with the Gallup Organisation (USA), to conduct periodic opinion polls and studies on various socio-economic and political issues in Nigeria. More information is available at www.noi-polls.com
This press release has been produced by NOIPolls Limited to provide information on all issues which form the subject matter of the document. Kindly note that while we are willing to share results from our polls with the general public, we only request that NOIPolls be acknowledged as author whenever and wherever our poll results are used, cited or published.
NOIPolls hereby certifies that all the views expressed in this document accurately reflect its views of respondents surveyed for the poll, and background information is based on information from various sources that it believes are reliable; however, no representation is made that it is accurate or complete. Whilst reasonable care has been taken in preparing this document, no responsibility or liability is accepted for errors or fact or for any views expressed herein by NOIPolls for actions taken as a result of information provided in this report. Any ratings, forecasts, estimates, opinions or views herein constitute a judgment as at the date of this document. If the date of this document is not current, the views and content may not reflect NOIPolls’ current findings and/or thinking.