Abuja, Nigeria. December 9th, 2014 –The Portfolio of Indices report released by NOIPolls Limited for the month of November 2014 revealed that the NOIPolls Consumer Confidence Index (CCI) declined by 2.8-points to 68.8-points in November 2014 from 71.6-points in October 2014. In line with this, a decline was experienced in all the indices that make-up the CCI, except for the Expectation of Prices of Goods and Services Index which saw a significant increase of 5.1-points. This might be driven by the anticipation of Nigerians for increases in the prices of goods and services during the festive period. Furthermore, the Present Situation Index (PSI) and the Expectation Index (EI), the two indicators that make up the CCI, dropped by 4.6-points and 1.5-points respectively. More findings revealed that the NOIPolls Personal Well-Being Index (PWBI) slightly increased by 0.07-point to stand at 45.07-points.Furthermore, the Personal Health Index had the highest increase with 2.5-points, while the Economic Index experienced the largest decline of 2.7-points. These are the key highlights from the November 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 conclusion 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 November 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 November 2014 slightly increased by 0.07-pointto stand at 45.07-points. Analysis of the individual indicators that make up the PWBI reveals differences in perception and satisfaction of Nigerians on several aspects of their lives. Nigerians are most satisfied in terms of Physical Health (77.4-points), Social Interaction(79.4-points), and Religion (88.7-points). Nigerians are somewhat neutral in conditions ofStandard of Living (52.2-points), Achievement in Life (54.9-points) and Personal Security (57.2-points), while Nigerians are not contented with their Personal Economic Situation (40.5-points). This index has consistently remained the lowest ranked indicator for the past eleven months.
Monthly trend analysis indicates that only 3 of the indicators that makeup the PWBIexperienced a decline while, 4 indicators (Standard of living (0.9-point), Health (2.5-point), Achievement in life (0.6-point) and Social interaction (0.2-point)) experienced an increase in the month of November 2014.
More findings from trend analysis show that the NOIPolls PWBI experienced a slight increase of 0.07-point in November 2014. Additionally, the PWBI average since January 2014 is 43.1-points and the current PWBI for the month of November 2014 is 2-points above the eleven months average.
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The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for November 2014 declined to 68.8-points. This represents a 2.5-points drop from October 2014, which still shows a relatively high level satisfaction and also infers that Nigerians remain somewhat positive about their current situation and hopeful for a favourable future.
The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). The PSI declined by 4.6-points to stand at58.6-points, revealing that Nigerians are slightly less confident of their present economic situation. Also, the EI declined by 1.5-points to currently stand at 76.4-points, implying that consumers are remain optimistic about the future in spite of the slight decline.
Trend analysis reveals that the overall CCI dropped by 2.8-point to 68.8-points in November 2014. The CCI average since January 2014 is 72.6-points, inferring that the CCI forNovember 2014 is 3.8-points below the eleven months average.
In conclusion, current poll results have revealed that the NOIPolls Personal Well-Being Index(PWBI) slightly increased by 0.07-point to stand at 45.07-points in November 2014, with 3 of the indicators that comprise the PWBI experiencing a decrease. Comparably, the NOIPolls Consumer Confidence Index for November 2014 decreased by 2.5-point to stand at 68.8-points. More findings show that the Present Situation Index (PSI) and the Expectation Index(EI) decreased by 4.6-point and 1.5-point respectively.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of November 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.