Abuja, Nigeria. January 21st, 2020 – The NOIPolls Personal Well-Being report for Q4, 2019 revealed a marginal decrease of 0.7–point in Q4, 2019 to stand at 60.6-points as against 61.3-points obtained in Q3, 2019. The Personal Well-Being Index (PWBI) is determined by the satisfaction level of Nigerians on various components of their personal lives. Three of the seven factors that comprise the PWBI experienced an increase while the remaining four components experienced a decrease in Q4, 2019. Personal security experienced the highest increase of 1.9-points to stand at 59.6-points in Q4, 2019 from the 57.7-points obtained in Q3, 2019. Also, the achievement in life index experienced a 0.9-point increase to stand at 49.3-points in Q4, 2019 from 48.4 points in Q3, 2019.
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 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 while 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 the 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 behaviour, the economy and the business environment in Nigeria.
The NOIPolls Personal Well-Being Index (PWBI)
Findings from the Q4, 2019 report revealed a marginal 0.7-points decrease in the PWBI from Q3, 2019 to stand at 60.6-points. Additionally, a breakdown of the seven key indicators that comprise the PWBI showed that Nigerians are mostly satisfied with their Religion (84.4-points), Social interaction (74.2-points), Health (70.9-points) and Security (59.6-points) as they obtained points above average. However, the remaining indices remained below average which may suggest that Nigerians are not satisfied with these indicators; they include Achievement in Life (49.3-points), Standard of living (48.8-points) and Economic situation (38.9-points).
The survey shows that Nigerians are not satisfied with their personal economic situation as it is the lowest-ranked indicator amongst all the seven indices. There is an urgent need for the government to improve the economy as this index may also directly or indirectly affect other indices. For instance, a better economy means a better living standard, and good living standards means a good health condition, social interaction etc. Hence, the government should implement viable policies (such as family welfare, low-income support, child support etc.) that will help boost the well-being of Nigerians. These seven key indicators that comprise the PWBI are highlighted in the chart below.
Personal Standard of Living Index – 48.8
The Personal Standard of Living Index increased by 0.9-points to stand at 48.8-points in Q4, 2019 when compared to 47.9-points obtained in Q3, 2019.
Personal Health Index – 70.9
The Personal Health index decreased by 1.27-points to stand at 70.9-points in Q4, 2019 when compared to 72.2-points obtained in Q3, 2019. This depicts a slight decrease in the level of satisfaction of Nigerians as regards their health conditions.
Personal Achievement Index – 49.3
This index increased by 0.9-points to stand at 49.3-points in Q4, 2019 when compared to 48.4-points found in Q3, 2019.
Personal Security Index – 59.6
The Personal Security index increased by 1.9-points to stand at 59.6-points in Q4, 2019 when compared to the 57.7-points gotten in Q3, 2019.
Personal Social Interaction – 74.2
This index experienced a decrease by 1.9-points to stand at 74.2-points in Q4, 2019 as against 76-points attained in Q3, 2019.
Personal Religion Index – 84.4
The Personal Religion Index has always been the highest index which suggests that Nigerians hold religion in high esteem. However, it experienced a decrease of 2.2-points to stand at 84.4-points in Q4, 2019 as against 86.6-points obtained in Q3, 2019.
Economic Index – 38.94
The Economic index also witnessed a decrease of 1.5-points to stand at 38.9-points in Q4, 2019 when compared to 40.4-points obtained in Q3, 2019. It must be stated here that the economic situation index has always been the lowest index on the PWBI assessment where Nigerians express dissatisfaction the most.
Analysis of the results obtained from Q4, 2019 showed that three of the seven key indicators that constitute the PWBI experienced an increase, this includes the standard of living, the achievement of life and personal security sub-indicators while the remaining 4 sub-indications namely Health, Social interaction, Religion and economic situation all experienced decline. NOIPolls PWBI experienced a decrease of 0.7-points to stand at 60.6 in Q4, 2019 as against 61.3-points obtained in Q3,2019.
In conclusion, the poll revealed that the PWBI decrease by 0.7-points to stand at 60.6 in Q4, 2019 as against 61.3-points in Q3, 2019. This shows that there is a decline in the overall wellbeing of Nigerians and it calls for appropriate action from the government. Addressing the current economic challenges in Nigeria will require the government to address critical sectors like infrastructure, health, education and security etc. Therefore, improvement in these areas will have a positive effect throughout the economy including an increase in foreign direct investment. This action will yield sustained and real progress thereby raising the well-being of all Nigerians.