Abuja, Nigeria. May 14th, 2015 –The Portfolio of Indices report released by NOIPolls Limited for the month of April 2015 revealed that consumers are warming up to the new Government as the NOIPolls Consumer Confidence Index (CCI) jumps by 5.2-points to stand at 62.9-points in April 2015. This result is a reflection of the Present Situation Index (PSI) and Expectation Index (EI) which both experienced an increase of 6.9-points and 3.9-points to stand at 34.9-points and 83.9-points respectively. These results suggest positive outlook of Nigerians for an improved situation even in the face of decline in consumers’ confidence in other parts of the world such as Australia, where Consumer Confidence decreased to 96.20 in April 2015 from 99.47 in March 2015.[1] Similarly the U.S. Consumer Confidence unexpectedly slumped in April, as reported by the Conference Board, an industry group, which stated that its index of consumer attitudes fell to 95.2 in April from 101.4 in March.[2]
More findings revealed that the NOIPolls Personal Well-Being Index (PWBI) declined by 2.1-points to stand at 43.2-points from 45.3-points in March 2015. Furthermore, all the indicators that make-up the PWBI experienced a decline, with the health index experiencing the highest decrease of 4.6-points. These are the key highlights from the April 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 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 April 2015 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) for the month of April 2015 experienced a decline to stand at 43.2-points in April 2015 from 45.3-points in March 2015; thus showing a continuous decline from January 2015. Analysis of the individual indicators which constitutes the PWBI revealed differences in assessment of Nigerians on several attributes of their lives. Nigerians are most satisfied in terms of Physical Health (72.7-points), Social Interaction (77.4-points), andReligion(87.2-points). Nigerians are neutral in terms of Achievement in Life(50.3-points) and Personal Security (56.7-points), while Nigerians are not contented with their Standard of Living (48.7-points), and Personal Economic Situation (39.0-points). The Economic Situation Index has remained the lowest ranked indicator for over sixteen months.
Trend analysis revealed that all indicators that makeup the PWBI experienced a decline in the month of April 2015; the Health index experienced the highest decline with 4.6-points.
Further findings from monthly trend analysis revealed that the NOIPolls PWBI has continuously declined from January 2015, with a decline of 2.1-points from March 2015 to stand at 43.20 in April 2015.
Please click here to see the full (PWBI) report
The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for the month of April 2015 experienced an increase of 5.2-points to stand at 62.9-points.
The NOIPolls Consumer Confidence Index is made-up of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). The PSI increased by 6.9-points to stand at 34.9-points. Despite the significant increase, the PSI still shows that Nigerians are not satisfied with the present economic situation. On the other hand, the EI which also increased by 3.9-points to 83.9-points revealed that consumers are very much optimistic of a better economic situation in the nearest future.
Trend analysis revealed that the overall CCI increased by 5.2-point to 62.9-points in April 2015 when compared to March 2015. The significant increase revealed that although consumers are not too positive about their current situation, nevertheless, they have great expectations for the future especially with the coming of a new administration.
Please click here to see the full (CCI) report
In conclusion, current results revealed that the NOIPolls Personal Well-Being Index (PWBI) further decreased by 2.1-points to stand at 43.2-points in April 2015, with all indicators that make up the PWBI experiencing a decline. Comparably, the NOIPolls Consumer Confidence Index increased by 5.2-points to stand at 62.9-points. More findings revealed that the Present Situation Index (PSI) and Expectation Index (EI) increased by 6.9-points and 3.9-points respectively in the month of April 2015.
Survey Methods
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of April 2015. 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. 4,000 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, 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
Disclaimer
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.
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Email: editor@noi-polls.com
[1] http://www.tradingeconomics.com/australia/consumer-confidence
[2] http://www.reuters.com/article/2015/04/28/us-usa-economy-confidence-idUSKBN0NJ1OT20150428
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