Abuja, Nigeria. June 10th, 2014 – The latest NOIPolls Portfolio of Indices results released have revealed that the NOIPolls Personal Well-Being Index (PWBI) increased slightly by 1.3-points to stand at 43 in May 2014. More findings revealed that there were improvements in all the indicators that make up the NOIPolls Personal Well-Being Index except for Religion. The highest increases were observed in Economic Situation with 4-points and Personal Security which picked up by 3.9-pointsfollowing a continuous decline from January 2014. In addition, the NOIPolls Consumer Confidence Index (CCI) for May 2014 increased marginally by 2.4-points to stand at 71.1. There was an increase observed in both indicators that form the Consumer Confidence Index; the Present Situation Index (PSI) and the Expectation Index (EI) by 2.2 and 2.5-pointsrespectively. These are the key highlights from the May 2014 Portfolio of Indices Result Release.
In February 2014, NOIPolls officially unveiled 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.
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 minority 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 May 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 May 2014 stands at 43; this represents a slight1.3-point upturn in the perception of Nigerians about their personal well-being. An evaluation of the individual indicators that make up the PWBI highlight differences in the level of fulfillment of Nigerians on several aspects of their lives. Nigerians are most satisfied in terms of Religion(86.5); Social Interaction (74.7) and Physical Health (74.0). Furthermore, Nigerians are somewhat neutral in terms of Achievement in Life (53.9), Standard of Living (50.9) andPersonal Security (51.6) while Nigerians are clearly not fulfilled with their Personal Economic Situation (40.1); this has remained the lowest ranked indicator since January 2014.
Monthly trend analysis revealed an upward trend in all indicators except for Religion; this culminated in the overall well-being index of Nigerians increasing slightly by 1.3-point in May 2014. Again, comparing current findings with the April 2014 results reveals that the highest increases were observed in Economic situation with 4-points and Personal Security which picked up by 3.9-points after a continuous decline since January 2014. The only decline was observed in Religion with 0.4-points; this has remained the highest ranked indicator sinceJanuary 2014.
Furthermore, trend analysis shows that the NOIPolls Personal Well-being Index has maintained an upward movement since March 2014 (which represents the lowest point); a total 1.7-pointincrease from March. To read more on NOIPolls Personal Well-Being Index for April, click here.
The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for May 2014 stands at 71.1. This result generally indicates that Nigerians are reasonably confident about their current personal situation and the state of the economy; it also shows that Nigerians are optimistic about the future.
The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). In May, the Present Situation Index of 62.4 confirms that Nigerians are slightly positive about their present personal and economic situation. The Present Situation Index has been on the increase since February 2014. Similarly, the Expectation Index of 77.6 shows that consumers are highly expectant about the future. In May 2014; the PSI and the EI indices increased by 2.2 and 2.5-points respectively.
Trend analysis revealed that overall the CCI increased by 2.4-points to 71.1 in the month ofMay 2014. This was generally impacted by the PSI and the EI indices that increased by 2.2 and2.5-points respectively. This shows that Nigerians are more optimistic about their expectations for the future in May 2014 when compared to April. To read more on NOIPolls Consumer Confidence Index for April, click here.
Conclusion
The NOIPOlls Personal Well-Being Index increased to 43 in May 2014 revealing that Nigerians are satisfied with their personal well-being. This figure represents a 1.3 upturn in the PWBI; which has continued to rise since March 2014. In addition, there were improvements in all the indicators that make up the Personal Well-Being Index except for Religion. The highest increases were observed in Economic situation with 4-points and Personal Security which picked up by 3.9-points after a continuous decline from January 2014. Also, the NOIPolls Consumer Confidence Index for May 2014 increased by 2.4-points to stand at 71.1. This was impacted by both the Present Situation Index (PSI) and the Expectation Index (EI) which make up the Consumer Confidence Index increasing by 2.2 and 2.5-points respectively.
Survey Methods The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of April 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, No.1 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. Press Contact The Editor Email: editor@noi-polls.com