Abuja, Nigeria. January 30th, 2018. The NOIPolls Personal Well-Being Index (PWBI) report for Q4, 2017 revealed a nominal increase of 0.2-point to stand at 64.3-points from 64.1-points obtained in Q3, 2017. The Personal Well-Being Index measures the satisfaction of Nigerians with respect to various aspects of lives.
There are seven components that make up the PWBI and they all experienced an increase except the Economic Index and the Personal Standard of Living Index which both experienced a decline when compared to the results obtained in Q3, 2017. Though the nation’s economy got out of recession in Q2, 2017 and also grew in Q3, 2017[1], Nigerians are yet to feel the impact of this growth in terms of their personal economy and standard of living as these were the only indicators that experienced a decline in Q4, 2017 amongst all the components that make up the PWBI. These are the key highlights from the Q4, 2017 Personal Well-Being Index survey.
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 the 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 behaviour, the economy, and the business environment in Nigeria.
This report presents the Q4, 2017 results for the NOIPolls Personal Well Being Index (PWBI).
THE NOIPOLLS PERSONAL WELL-BEING INDEX (PWBI)
Results obtained in Q4, 2017 revealed that Nigerians were somewhat satisfied with their Personal Well-Being at 64.4-points. Furthermore, an analysis of the seven key indicators that make up the PWBI showed that Nigerians were satisfied in terms of religion (89.4-points), social interaction (79.4-points), physical health (76.4-points) and personal security (67.8-points). Also, the findings indicated that Nigerians were rather neutral in terms of their standard of living (49.2-points) and achievement in life (53.1-points) indices while some Nigerians were not satisfied with their personal economic situation (37-points) index. These seven (7) key indicators that comprise of the PWBI are highlighted in the chart below;
The 7 key indicators that comprise of the PWBI are highlighted below;
Personal Standard of Living Index – 49.2
The Personal Standard of Living Index decreased by 0.8-point in Q4, 2017 from the 50.1-points obtained in Q3, 2017 to stand at 49.2-points. This indicates that Nigerians were somewhat neutral about their standard of living.
Personal Health index – 76.4
This index witnessed an increase of 1.1-point to stand at 76.4-points in Q4, 2017 compared to 75.2-points obtained in Q3, 2017 and is indicative of a satisfaction in the personal health of Nigerians in Q4, 2017.
Personal Achievement Index – 53.1
This index also increased marginally by 0.1-point to stand at 53.1-points, indicating a neutral stance in the level of satisfaction in their personal achievements in Q4, 2017.
Personal Security Index – 67.8
The personal security index also increased from 65.7-points in Q3, 2017 to 67.8-points in Q4, 2017 representing the highest increase of 2.1-points.
Personal Social Interaction Index – 79.4
This index experienced an increase of 1.9-point to stand at 79.4-points in Q4, 2017. This represents an existing bond amongst Nigerians which is displayed in their satisfaction with their social interactions notwithstanding the diversity in ethnicity.
Personal Religion Index – 89.4
The Personal Religion Index also gained momentum as it increased by 1.1-points to stand at 89.4-points in Q4, 2017 from 88.4-points obtained in Q3, 2017.
Economic Index – 37.0
The Economic Index, experienced the highest decrease of 3.75-points to stand at 37-points in Q4, 2017 from 40.8-points of Q3, 2017. The decline suffered by this index and it consistently being the lowest ranked index is also a clear indication that Nigerians are dissatisfied with their economic situation.
TREND ANALYSIS
Trend analysis of the results obtained from the Q4, 2017 PWBI revealed that all the seven key indicators that constitute the PWBI increased except for the Personal Standard of Living Index and the Economic Index experienced a decline. Additionally, the quarter-on-quarter analysis showed that the NOIPolls PWBI experienced a marginal increase of 0.2-point to stand 64.3-points in Q4, 2017 when compared to 64.1-points of Q3, 2017.
In conclusion, the Q4, 2017 NOIPolls PWBI results have revealed a marginal increase of 0.2 point from the previous quarter to stand at 64.3 points. Also, five out of the seven indicators that make up the PWBI experienced an increase except the Personal Standard of Living and the Economic Indexes, which experienced a decline. Therefore, since the components that made up the PWBI is currently the only multi-dimensional scale measuring satisfaction of life, stakeholders, especially those in the Economic Advisory Board must embark on various in-depth studies of each of the components whose findings will form the basis of formulating great economic policies that would improve the well-being of Nigerians. This is because majority of the seven indicators are significantly related to the overall quality of life of an individual, except for the Personal Religion Index, in some cases. Therefore, the conceptual basis of the NOIPolls PWBI can be used to design a multidimensional index for wellbeing that meets a global framework standard for life satisfaction.
Survey Methods
The Personal Well Being Index Poll was conducted in Quarter 4, 2017. 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%. 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 and you can download our mobile app NOIPolls on your smartphone.
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 or thinking.
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[1] https://www.thisdaylive.com/index.php/2017/09/05/finally-nigeria-exits-recession-reports-0-55-gdp-growth-in-q2/