Abuja, Nigeria. March 24th, 2016 – The Q1, 2016 report of the Portfolio of Indices released by NOIPolls Limited revealed that the Personal Well-Being Index (PWBI), which entails the assessment of Nigerians on several aspects of their lives stood at 64.5 points; remaining the same when compared to the results obtained in Q4, 2015. This implies that Nigerians’ perception about their level of satisfaction has remained unchanged. An in-depth analysis of the several individual indicators that make up the PWBI revealed that Personal Security had the highest increase of 2.8-points followed by Health (1.2-points) and social Interaction (0.9-point) whereas all other indicators experienced a decline.
The NOIPolls’ Consumer Confidence Index (CCI) decreased by 4.9-points to stand at 59.9-points in Q1, 2016 when compared with 64.8-points obtained in Q4, 2015. The CCI portrays the confidence an average household has in the economy of its country, in relation to the households’ monthly income. Also it generally reveals the level of confidence citizens have on monthly earnings and spendings.
The decline experienced in the Q1, 2016 CCI indicates that the purchasing power of consumers has reduced and as expected, the revenue generation both in the private and the public sectors have reduced accordingly. However, it is imperative for the market speculators and the stakeholders in the Small and Medium Scale Enterprises (SMEs) sector to take note of these findings and make use of it in understanding the nature of the previous features of the consumer confidence with respect to its impact on economic viability, while forecasting the future characteristics that the Nigerian market may exhibit. These are the key highlights from the Q1 2016 Portfolio of Indices Press 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 provides 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 Q1, 2016 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 (PWBI) consists of seven items of satisfaction which are indicative of the perceptions of Nigerians regarding the value of their standard of living. In Q1 2016, PWBI stood firm at 64.5-points signifying that personal well-Being of Nigerians did not experience any change from the result witnessed in Q4, 2015. However, there were some differences in the indicators that make-up the PWBI.
In addition, sub-components of the indices that make up the PWBI revealed that Nigerians were satisfied in terms of Physical Health (75.3-points), Social Interaction (78.1-points), and Religion (87.3-points). Successively, the results from Achievement in Life (53.4-points), Standard of Living (50.3-points) and Personal Security (66.1-points) indices revealed that Nigerians were somewhat neutral in terms of these indices, whereas some Nigerians were not satisfied with their Personal Economic Situation (40.9-points). The Economic Index experienced a decrease of 2-points in Q1, 2016 and it has consistently remained the lowest ranked indicator since 2015.
Trend analysis revealed that Q1, 2016 PWBI remained the same when compared to the result obtained in Q4, 2015.
The NOIPolls Consumer Confidence Index (CCI)
The general wellbeing of a country’s economic situation is a reflection of the satisfaction level of its citizens. Therefore, the Consumer Confidence Index describes the overall stability of any given country’s collective purchasing power and in turn, brings about an increase or a decrease in the wealth of the country. In line with this, the NOIPolls’ Consumer Confidence Index in Q1, 2016 further declined by 4.9-points to stand at 59.9-points as against 64.8-points in Q4, 2015. This substantial decline suggests that consumers may have reduced their consumption in Q1, 2016 probably due to the perceived negative state of the nation’s economy.
In conclusion, current results have revealed that the PWBI of Q1, 2016 did not change and still stands at 64.5-points as was obtained in Q4, 2015, implying that there is little or no growth in the economic landscape of Nigeria. Findings also showed that all the indicators that make up the PWBI experienced a decrease except the Personal Security, Health and Social Interaction which increased by 2.8-points, 1.2-points and 0.9-point respectively which could mean that the present administration’s stand on security has boosted this confidence. Conversely, the NOIPolls Consumer Confidence Index decreased by 4.9-points to stand at 59.9-points in Q1, 2016, inferring that consumers were hesitant to spend their money thus negatively affecting the economy
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in Q1, 2016. The PWBI involved telephone interviews of a random nationwide sample. 3,000 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. 3,000 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 2%. NOIPolls Limited, No1 for country specific polling services in West Africa. We 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.