Abuja, Nigeria. March 15th, 2015 –The Portfolio of Indices report released by NOIPolls Limited for Q4, 2015. The NOIPolls Personal Well-Being Index (PWBI) aims to assess how Nigerians feel about their lives and it includes their emotional responses, overall satisfaction with life, and a general decision on their quality of life. The NOIPolls Personal Well-Being Index (PWBI) slightly decreased by 0.2-points to stand at 64.5-points in Q4 2015 inferring a slight decrease in the satisfaction of Nigerians with their overall well-being in Q4 2015. More findings revealed that among the indices that constitute the (PWBI) indicators, the ‘Personal Achievement’ Index and the Security Index were the only two variables that experienced an increase by 1.2-points and 0.6-point respectively.
The NOIPolls Consumer Confidence Index (CCI) aims to measure the degree of optimism that Nigerian households’ have about the overall state of the economy, and their personal financial situation as confidence levels on income stability directly impacts upon spending activities making this one of the key indicators for the overall shape of the economy.
The NOIPolls Q4 Consumer Confidence Index (CCI) revealed a decrease of 2.2-points to stand at 64.8-points from the 67-points recorded in the previous quarter. In addition, the two independent variables of the CCI; the Present Situation Index (PSI) and the Expectation Index (EI) both experienced a decrease of 4-points and 0.9-points respectively. These are the key highlights from the Q4 2015 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 bird’s eye 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 services institutions and government agencies largely depend on these perceptions and the micro assessment of consumers’ expectations 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 general business environment in Nigeria.
The NOIPolls Personal Well-Being Index (PWBI)
The NOIPolls Personal Well-Being Index (PWBI) consists of seven parameters that measure the level of satisfaction on quality of life. The information garnered from this exercise aids in providing accurate key information on current and future economic trends and expectations. They also provide a true reflection on the current state of mind of Nigerians on economic issues while also highlighting their future expectations.
A slight reduction by 0.2 point of the Personal Well-being Index to 64.5 points in this quarter indicates that Nigerians were somewhat satisfied with their well-being. Overall, sub-components of the indices that make up the PWBI revealed that Nigerians were satisfied in terms of Physical Health (74.6-points), Social Interaction (77.2-points), and Religion (87.6-points). Contrarily, the results from Achievement in Life (53.4-points), Standard of Living (52.6-points) and Personal Security (63.3-points) revealed that Nigerians were somewhat neutral in terms of these indices, while Nigerians were not satisfied with their Personal Economic Situation (42.8-points). The Economic Index experienced a slight decrease of 0.3-point in Q4, 2015 and it continually remained the lowest ranked indicator in 2015.
Trend analysis revealed that the PWBI for Q4 2015 declined by 0.2-point and 1.6-points when compared to Q3 and Q1 respectively.
Further analysis of the quarterly findings indicated that the NOIPolls PWBI experienced a decrease of 0.5-point in Q4 2015 when compared to the yearly average.
The NOIPolls Consumer Confidence Index (CCI)
The Consumer Confidence Index measures the levels of confidence individual households have in the overall performance of the economy. It is important because consumer spending drives a certain percentage of Nigeria’s GDP. Nonetheless, the NOIPolls Consumer Confidence Index in Q4, 2015 decreased by 2.2-points to stand at 64.8-points.
There are 2 sub-components of the NOIPolls Consumer Confidence index; the Present Situation Index (PSI) and Expectation Index (EI). The PSI decreased by 4-points to stand at 41.9-points, while the Expectation Index (EI) also dipped by 0.9-point to 82-points in Q4, 2015.
Trend analysis revealed that the overall CCI increased by 2.2-points in Q4, 2015 when compared to Q3, 2015.
In conclusion, current results have revealed that the NOIPolls Personal Well-Being Index (PWBI) experienced a 0.2-point decrease in Q4, 2015. On the other hand, the NOIPolls Consumer Confidence Index declined by 2.2-points. Finally, the two independent variables of the CCI; the Present Situation Index (PSI) and the Expectation Index (EI) bothdeclined by 4-points and 0.9-points respectivelyin Q4, 2015.
Since consumer spending is so important to the nation’s financial health, the Consumer Confidence Index should be one of the most closely watched economic indicators, as the index measures the optimism of Nigerians on the economy’s health.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in Q4, 2015. 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. 12,000 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.