Abuja, Nigeria. January 13th, 2015 –The Portfolio of Indices results released by NOIPolls Limited for the month of December 2014 revealed that the NOIPolls Personal Well-Being Index (PWBI) increased by 1.6-points to stand at 46.7-points in December 2014; representing its peak since January 2014. All the indices that makeup the PWBI experienced an increase except the Social Interaction Index which recorded a slight 0.1-pointdecline to stand at 79.3-points. More findings revealed that the NOIPolls Consumer Confidence Index (CCI) for December 2014 declined by 1.3-points to stand at 67.4-points from 68.8-points in November 2014; this figure represents the lowest since January 2014. The two indicators of the CCI which are the Present Situation Index(PSI) and the Expectation Index (EI) experienced an increase by 1.3-points and a decrease by 3.4-pointsrespectively. Furthermore, findings revealed a high decline in the Expectation of prices of goods and services index by 17.1-points, while the highest increase was experienced by the Current prices of goods and services index with3.6-points in December 2014. These are the key highlights from the December 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 December 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 December 2014 increased by 1.6-point to stand at 46.7-points. This represents the highest increase in the NOIPOlls PWBI since January 2014. Analysis of the individual indicators revealed differences in perception and satisfaction of Nigerians on several aspects of their lives. Nigerians are most satisfied in terms of Physical Health (78.1-points), Social Interaction (79.3-points),andReligion(89.8-points). Nigerians are rather neutral in terms of Standard of Living (55.9-points),Achievement in Life(57.3-points) and Personal Security (62.2-points), while Nigerians are not satisfied with their Personal Economic Situation (45.2-points). This index has for over twelve months remained the lowest ranked indicator.
Monthly trend analysis indicates that only 1 of the indicators Social interaction (0.1-point)) that makeup thePWBI experienced a decline, while other indicators including ‘Standard of living’ (3.7-points), ‘Health’ (0.7-point), ‘Achievement in life’ (2.4-points), ‘Personal security’ (4.9-points), ‘Religion’ (1.1-point), ‘Economic situation’ (4.7-points) experienced an increase in the month of December 2014.
More findings from trend analysis show that the NOIPolls PWBI experienced an increase of 1.6-point inDecember 2014, making it the highest NOIPolls PWBI point attained in 2014. Additionally, the PWBI average since January 2014 is 43.4-points and the current PWBI for the month of November 2014 is 3.3-pointsabove the yearly average.
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The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for December 2014 declines to 67.4-points. This figure represents a1.4-points decrease in the CCI from November 2014, although, it still shows relative consumer satisfaction and also infers that Nigerians are positive about their current situation and optimistic for a promising future.
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 1.3-points to stand at 59.9-points, revealing that Nigerians are not too confident of the present economic situation. Also, the EI declined by 3.4-points to currently stand at 73-points, implying that consumers are somewhat hopeful about the future.
Further trend analysis revealed that the current result represent the lowest CCI from January 2014 with the highest recorded in January 2014. The average CCI for 2014 (January to December) stood at 72.1-points, inferring that the CCI for December 2014 is 4.7-points below the yearly average.
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In conclusion, Portfolio of Indices results have revealed that the NOIPolls Personal Well-Being Index (PWBI)increased by 1.6-points to stand at 46.7-points in December 2014, making it the highest NOIPolls PWBIattained in 2014. More findings revealed that there was a slight 0.1-point decrease in only 1 of the indicators thatmake up the PWBI, which is the ‘Social interaction’, while other indicators increased in December 2014. Comparably, the NOIPolls Consumer Confidence Index for December 2014 decreased by 1.4-points to stand at67.4-points; this represents the lowest figure since January 2014. In line with this, the Present Situation Index(PSI) increase by 1.3-points, while the Expectation Index (EI) decreased by 3.4-point in December 2014;while the average CCI for 2014 (January to December) stood at 72.1-points.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of December2014. 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
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.