Table: NOI
The Q1, 2016 report of the Portfolio of Indices released by NOIPolls Limited revealed that the Personal Well-Being Index (PWBI), which entails the assessment of Nigerians on several aspects of their lives stood at 64.5 points; remaining the same when compared to the results obtained in Q4, 2015.
This implies that Nigerians’ perception about their level of satisfaction has remained unchanged. An in-depth analysis of the several individual indicators that make up the PWBI revealed that Personal Security had the highest increase of 2.8-points followed by Health (1.2-points) and social Interaction (0.9-point) whereas all other indicators experienced a decline.
The NOIPolls’ Consumer Confidence Index (CCI) decreased by 4.9-points to stand at 59.9-points in Q1, 2016 when compared with 64.8-points obtained in Q4, 2015. The CCI portrays the confidence an average household has in the economy of its country, in relation to the households’ monthly income. Also it generally reveals the level of confidence citizens have on monthly earnings and spendings.
The decline experienced in the Q1, 2016 CCI indicates that the purchasing power of consumers has reduced and as expected, the revenue generation both in the private and the public sectors have reduced accordingly. However, it is imperative for the market speculators and the stakeholders in the Small and Medium Scale Enterprises (SMEs) sector to take note of these findings and make use of it in understanding the nature of the previous features of the consumer confidence with respect to its impact on economic viability, while forecasting the future characteristics that the Nigerian market may exhibit. These are the key highlights from the Q1 2016 Portfolio of Indices Press 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 conclusions 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 Q1, 2016 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 (PWBI) consists of seven items of satisfaction which are indicative of the perceptions of Nigerians regarding the value of their standard of living. In Q1 2016, PWBI stood firm at 64.5-points signifying that personal well-Being of Nigerians did not experience any change from the result witnessed in Q4, 2015. However, there were some differences in the indicators that make-up the PWBI.
In addition, sub-components of the indices that make up the PWBI revealed that Nigerians were satisfied in terms of Physical Health (75.3-points), Social Interaction (78.1-points), and Religion (87.3-points). Successively, the results from Achievement in Life (53.4-points), Standard of Living (50.3-points) and Personal Security (66.1-points) indices revealed that Nigerians were somewhat neutral in terms of these indices, whereas some Nigerians were not satisfied with their Personal Economic Situation (40.9-points). The Economic Index experienced a decrease of 2-points in Q1, 2016 and it has consistently remained the lowest ranked indicator since 2015. {fcomments}
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