Nigerians’ Personal Wellbeing Falls

Ms. Oge Modie, CRO-Managing Director, NOIPolls Ltd

NOIPolls Limited says portfolio of indices for personal well-being of Nigerians declined in February

|  By Maureen Chigbo  |  Mar. 24, 2014 @ 01:00 GMT

NOIPolls Limited, Nigeria’s leading survey and opinion polling firm, has said that Nigerians maintained a neutral outlook in respect of their personal well-being and that the its Personal Well-Being Index, PWBI, stood at 42 percent in February 2014, down by two points from 44 percent in January 2014. The results of the latest Personal Well Being Index released on Tuesday in Abuja, March 11, showed that the Consumer Confidence Index, CCI, for February was 80 percent down by four points from 84 percent in January 2014.

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 while 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, which measures business leaders’ perceptions and expectations of the Nigerian business environment using the top 30 companies in the country, would be released in April 2014.

According to the NOIPolls, 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,’’ it said.

The NOIPolls Personal Well-Being Index for February 2014 which stood at 42.1 percent; indicated that said that Nigerians appeared to more satisfied with certain aspects of their lives than others. The report explained further: “For instance, the index demonstrates that Nigerians are highly satisfied in the area of their religion (86.5 percent), social interaction (72.7 percent) and physical health (69.8 percent). Also, Nigerians are mostly neutral with respect to their personal security (55.7 percent), achievement (51.6 percent), and standard of living (48.9 percent). However, Nigerians are clearly not satisfied with their personal economic situation (36.4 percent).

“Trend analysis comparing current results with January 2014 results indicate that there was a decline across all seven indicators that make up the Personal Well being Index in February 2014, with the overall index dropping by two-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.’’

On the NOIPolls Consumer Confidence Index, it noted that the score for February 2014 was 80.3 and that the score indicated 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 poll added.

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