Abuja, Nigeria. May 13th, 2014 - The Portfolio of Indices Results released by NOIPolls has revealed that the NOIPolls Personal Well-Being Index stands at 41.7 in April 2014 indicating that Nigerians have maintained a neutral stance in terms of their personal well-being. This represents a 0.4-point improvement after the continuous downward trend observed since January 2014. More findings revealed there were improvements in all the indicators that constitute the Personal Well-Being Index except for Personal Security which experienced a further decline. Similarly, the NOIPolls Consumer Confidence Index remained steadily at 68.7 in April after experiencing a similar downward trend from January 2014. These are the key points from the April 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.
This report presents the April 2014 results for the NOIPolls Personal Well-Being Index (PWBI) and NOIPolls Consumer Confidence Index (CCI).
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.
The NOIPolls Personal Well-Being Index (PWBI)
The NOIPolls Personal Well-Being Index for April 2014 stands at 41.7; when compared withMarch 2014, there was a marginal improvement in the personal wellbeing of Nigerians. Assessments of the individual indicators that constitute the PWBI highlight variations in the level of satisfaction of Nigerians on various aspects of their lives. Nigerians are most satisfied in terms of Religion (86.9); this has remained the aspect of life Nigerians have shown the highest level of satisfaction over the past 16 months from January 2013; Social Interaction (74.3) andPhysical Health (71.7). Furthermore, in terms of Achievement in Life (51.6), Standard of Living(49.1) and Personal Security (47.7) Nigerians are mostly neutral; while Nigerians are obviously not satisfied with their Personal Economic Situation (36.1).
Trend analysis of the individual indicators shows there was an increase in all the indicators except for Personal Security which experienced a further decline in April when compared to March 2014. Personal Security has continued its steady downward trend from January declining by 1.4-points in April and a total of 11-points over the past 4 months. In contrast, the highest increases were observed in Standard of Living and Economic Situation with 2-points each from March 2014.
Overall, the Personal Well-Being Index picked up slightly by 0.4-points in April 2014 after the continuous downward trend observed from January 2014. 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 April 2014 stands at 68.7. This result indicates that consumers are relatively positive about their individual state and stability of the economy. Thus, as consumers are optimistic, they would therefore be inclined to purchase more goods and services. This increase in spending will inevitably stimulate the whole economy.
The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). In April, the Present Situation Index of 60.2confirms that Nigerians feel somewhat good about their present individual and economic situation. Likewise, the Expectation Index of 75.1 shows that consumers are very hopeful about the future.
Trend analysis reveals that the CCI in April 2014 stands at 68.7; the same figure as in March 2014. However, the Present Situation Index increased by 1.5-points while the Expectation Index experienced a slight decline of 1.1-points from April compared to March 2014. In addition, it is pertinent to note that while the Present Situation Index continues to increase after a decline in February, the Expectation Index continues to decline from January, in a four-month trend. This continuous decline shows that Nigerians have continuously lowered their expectations for the future.
Furthermore, the Consumer Confidence Index of Nigerians maintained a downward trend from January to March and remained steady from March to April 2014. To read more on NOIPolls Consumer Confidence Index for April, click here.
The Personal Well-Being of Nigerians with the NOIPolls Personal Well-Being Index for April 2014 stands at 41.7 indicating that Nigerians have maintained a neutral stance in terms of their personal well-being. This portrays a slight 0.4-point improvement after a continuous downward trend from January 2014. More findings revealed improvements in all the indicators that constitute the Personal Well-Being Index except for Personal Security which experienced a further decline. Similarly, the NOIPolls Consumer Confidence Index remained steady at 68.7 inApril 2014, after experiencing a downward trend from January 2014. Furthermore, the analysis of the 2 key indicators that constitute the CCI shows that the Present Situation Index increased by 1.5-points, while the Expectation Index experienced a slight 1.1-point decline inApril. Furthermore, while the Present Situation Index continues to improve after a decline inFebruary, the Expectation Index has continued its decline from January 2014.
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
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.