Abuja, Nigeria. March 11th, 2014 – The latest results from the Portfolio of Indices released by NOIPolls Limited has revealed Nigerians have maintained a neutral outlook in respect of their Personal Well-Being, with the NOIPolls Personal Well-Being Index (PWBI) standing at 42% in February 2014 dropping by 2-points from January (44%). In addition, the NOIPolls Consumer Confidence Index (CCI) for February stands at 80%,dropping by 4-points from January 2014 results. These are the key highlights from the Portfolio of Indices Press Release.
In January 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. The NOIPolls Eagle 30 Business Confidence Index measures business leaders’ perceptions and expectations of the Nigerian business environment using the top 30 companies in the country.
Nigerian businesses, financial institutions and government agencies largely depend on perceptions and micro assessment of consumers’ expectation in making decisions. The introduction of these indices provide indicators that will ensure stakeholders can detect and respond to changes in consumer behaviour, the economy, and the business environment in a timely manner. This report presents the February 2014 results for the NOIPolls Personal Well-Being Index (PWBI) and NOIPolls Consumer Confidence Index (CCI). Results of the quarterly NOIPolls Eagle 30 Business Confidence Index will be released in April 2014.
The NOIPolls Personal Well-Being Index (PWBI)
The NOIPolls Personal Well-Being Index for February 2014 stood at 42.1%; which indicates that Nigerians have a neutral outlook regarding their personal well-being. Furthermore, the independent indicators that constitute the Well-being Index reveal that Nigerians are more satisfied with certain aspects of their lives than others. For instance, the index demonstrates that Nigerians are highly satisfied in the area of their Religion (86.5%), Social interaction (72.7%) and Physical health (69.8%). Also, Nigerians are mostly neutral with respect to their Personal security (55.7%), Achievement (51.6%), and Standard of living (48.9%). However, Nigerians are clearly not satisfied with their personal economic situation (36.4%).
Trend analysis comparing current results with January 2014 results indicate that there was a decline across all 7 indicators that make up the Personal Well being Index in February 2014, with the overall index dropping by 2-points. The largest declines were observed in Social Interaction (3.5-points) and Economic Situation (3.4-points). In Nigeria, both factors are often interrelated such that the current economic situation of an individual often determines the level of social interaction he/she engages in the community and with family/friends.
Personal Well-Being Index
Standard of living
Achievements in life
The NOIPolls Consumer Confidence Index (CCI)
NOIPolls started monthly polling for the NOIPolls Consumer Confidence Index in January 2014. The score for February 2014 is 80.3. This score indicates that consumers remain positive about their personal state and stability of the economy. In general, this optimism is expected to result in the continued purchase of goods and services, and ultimately stimulate economic growth.
The NOIPolls Consumer Confidence Index comprises of two independent variables: the Present Situation Index (PSI) and Expectation Index (EI). The Present Situation Index of 56.5 shows that Nigerians feel good about their present personal and economic situation. Also, the Expectation Index score of 96.2 reveals that consumers are highly optimistic about the future.
Trend analysis shows that the overall CCI dropped by 4-points; the Present Situation Index dropped by 8-pointswhile the Expectation Index experienced marginal decline by less than 1-point. Despite the favourable CCI, the decline in both the PSI and EI indicate that Nigerian consumers have less confidence, particularly in their present economic situation, in February compared to January 2014.
Finally, these results can also be tied to findings of the PWBI, which indicate that Nigerians are clearly not satisfied with their personal economic situations. Hence, while the Expectation Index of the CCI remains strong at 96.2, this may be linked to the Religion Indicator of the PWBI which also remains high at 86.5.
Consumer Confidence Index
Present Situation Index
Nigerians have maintained a neutral outlook in respect of their Personal Well-Being with the NOIPolls Personal Well-Being Index standing at 42% in February 2014, declining by 2-points from January (44%). Amongst the indicators that constitute the PWBI, Social Interaction (3.5-points) and Economic Situation (3.4-points) where observed as having the largest points of decline. Furthermore, the NOIPolls Consumer Confidence Index for February stands at 80%, dropping by 4-points from January 2014 results. Among the two indicators that make up the CCI, the Present Situation Index dropped by 8-points which indicates that Nigerians are less content with their present situation in February compared to January2014.
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in the month of February 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. 4,000 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, 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.