Abuja, Nigeria. April 16th, 2015 –The Portfolio of Indices report released by NOIPolls Limited for the month of March 2015 revealed that the NOIPolls Personal Well-Being Index (PWBI) stood at 45.3-points in March 2015; representing a slight 0.5-point decrease when compared to February 2015. Furthermore, only 2 indicators (Health and Security) that make-up the PWBI experienced an increase, while all others experienced a decrease. More findings revealed that the NOIPolls Consumer Confidence Index (CCI) decreased by 2.6-points from February 2015 to 57.8-points in March 2015. In addition, the Present Situation Index (PSI) experienced a decline of 6.2-points, whereas, the Expectation Index (EI) increased by 0.03-point in March 2015. These are the key highlights from the March 2015 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 March 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 for March 2015 stood at 45.3-points, representing a 0.5-point decrease when compared to February 2015. Analysis of the individual indicators which makes up the PWBI revealed differences in assessment of Nigerians on several attributes of their lives. Nigerians are most satisfied in terms of Physical Health (77.3-points), Social Interaction (79-points), and Religion(89.5-points). Nigerians showed an average satisfaction in terms of their Standard of Living (52.5-points), Achievement in Life(53.7-points) and Personal Security (59.5-points), while showing low satisfaction in their Personal Economic Situation (41.7-points). This economic index has remained the lowest ranked indicator for over fifteen months.
Trend analysis indicates that 2 of the indicators that make up the PWBI; Health index (0.1-point) and Security index (0.9-point) experienced an increase; while other the indicators that make up the PWBI including Standard of Living (1-point), Achievement in Life(2.9-points), Social Interaction (0.7-point), Religion (0.8-point), Economic situation (2.1-points) experienced a decrease in the month of March 2015.
Further findings from monthly trend analysis show that the NOIPolls PWBI experienced a slight decline by 0.5-point in March from February 2014.
The NOIPolls Consumer Confidence Index (CCI)
The NOIPolls Consumer Confidence Index for March 2015 decreased by 2.6-points to 57.8-points from February 2015. However, the results imply that Nigerians are positive about their current situation.
The NOIPolls Consumer Confidence Index is made-up of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). The PSI decreased by 6.2-points to stand at 28-points, revealing that Nigerians are not satisfied with the present economic situation. In contrast, the EI slightly increased by 0.03-point to currently stand at 80-points, implying that consumers are optimistic of a promising future.
Trend analysis reveals that the overall CCI declined by 2.6-points to 57.8-points in March 2015 when compared to February 2015.
In conclusion, current results have revealed that the NOIPolls Personal Well-Being Index (PWBI) decreased by 0.5-point to stand at 45.3-points in March 2015, with an increase in 2 of the indicators that make up the PWBI. Similarly, the NOIPolls Consumer Confidence Index decreased by 2.6-points to stand at 57.8-points. More findings revealed that the Present Situation Index (PSI) decreased by 6.2-points while, the Expectation Index (EI) decreased by 0.03-point in the month of March 2015.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of March 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, works in technical partnership with the Gallup Organisation (USA). 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
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.