Abuja, Nigeria. February 11th, 2014 – Maintaining our stance as a dynamic and innovative public opinion polling and research organization in Nigeria and the West African region, NOIPolls Limited is excited to introduce our 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 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 behaviour, the economy, and the business environment in Nigeria.
Summary of Portfolio of Indices for January 2014
IndexJanuary 2014The NOIPolls Personal Well-Being Index (PWBI)44.1The NOIPolls Consumer Confidence Index (CCI)83.9The NOIPolls Eagle 30 Business Confidence Personal Index (EBCI)To be released in March 2014
The NOIPolls Personal Well-Being Index (PWBI)
NOIPolls started monthly polls for the NOIPolls Personal Well-Being Index in January 2013, seven key indicators were used to measure the PWBI; these were Standard of Living, Health, Achievement in Life, Personal Security, Social Interaction, Religion, and Economic Situation. The average NOIPolls Personal Well-Being Index for 2013 was 41.6%. This indicates that Nigerians were mostly neutral about their personal well-being in 2013. In February (41.3%), August (40.5%), November (41.4%) and December (37.5%), the Index was lower than the yearly average. The peak of the Index results was observed in January (42.9%) while the lowest result was recorded in December (37.5%) showing that Nigerians were neutral about their personal well-being in January 2013, but dissatisfied by December 2013. A total of 12,000 randomly selected Adult Nigerians were polled nationwide. The PWBI for January 2014 is put at 44.1%. This shows that there was an increase of 2.5% from the yearly average of41.6%. Also when the present reading of 44.1% is compared to the PWBI of January 2013 which was 43.0%, it indicates that there was a slight improvement in the personal well being of Nigerians compared to the same time last year.
The NOIPolls Consumer Confidence Index (CCI)
NOIPolls started monthly polling for the NOIPolls Consumer Confidence Index in January 2014. The score for January 2014 is 83.9. This score indicates that consumers are positive about their personal state and stability of the economy. In general, this optimism is expected to result in the purchase of more goods and services and ultimately stimulate economic growth.
The NOIPolls Consumer Confidence Index comprises of 2 independent variables; the Present Situation Index (PSI) and Expectation Index (EI). The Present Situation Index of 64.7, shows that Nigerians feel good about their present personal and economic situation. Also, the Expectation Index score of 96.9 reveals that consumers are highly optimistic about the future. A total of randomly selected 4,000 Adult Nigerians are polled monthly. Since this is our first reading, we clearly cannot identify trends. Once we have a track record of several months, we will be able to draw some conclusions on the patterns observed.
The NOIPolls Consumer Confidence Index (CCI)83.9Present Situation Index (PSI)64.7Expectations Index (EI)96.9
The NOIPolls Eagle 30 Business Confidence Index (EBCI)
NOIPolls has conducted the NOIPolls Eagle 30 Business Confidence Survey biannually over a 5 year period; in 2009, 2010, 2011, 2012 and 2013. The NOIPolls Eagle 30 Business Confidence Survey captures the opinions of C-level executives from thirty (30) leading companies in Nigeria and provides information about the existing business environment and short term business outlook. The surveys were conducted bi-annually and published as the NOIPolls Eagle 30 Business Confidence report. As from March 2014, NOIPolls introduces the NOIPolls Eagle 30 Business Confidence Index which will be an indicator of Business Leaders’ perceptions about the Business Environment based on survey questions.
We believe the different indices can be used as key indicators to measure economic growth, consumer behaviour, the prevailing business environment and impact of policies on the population.
The introduction of our portfolio of indices is key to enabling stakeholders in all major sectors of the Nigerian economy and across the Globe to make informed decisions. They also serve as key pointers to would be investors in the Nigerian Economy to enable strategic entry into the country. Also Journalists, the Academia and other experts can benefit from this unprecedented resource of behavioural data to inform their research and reporting.
Overall we are quite excited to be charting these new waters in research and data management in Nigeria and look forward to introducing more indices to our portfolio as we grow.