The Portfolio of Indices report released by NOIPolls Limited for Q2, 2017 has revealed that the NOIPolls Personal Well-Being Index (PWBI) which remained almost the same as in Q1 stood at 65.4-points; with a slight increase by 0.1-point from Q1 2017. This figure infers that Nigerians are somewhat satisfied with their well-being. An in-depth analysis of the seven components that make up the PWBI Index showed that in Q2, only four indices (standard of living, personal security, religion and economic situation) experienced an increase while the remaining indicators experienced a decrease when compared to results obtained in Q1, 2017. These are the key highlights fromthe Q2, 2017 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 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.
This report presents the Q2, 2017 results for the NOIPolls Personal Well Being Index (PWBI).
THE NOIPOLLS PERSONAL WELL-BEING INDEX (PWBI)
The NOIPolls Personal Well-Being Index, for Q2, 2017 stood at 65.4-points from 65.3-points in Q1, 2017, showing a negligible increase of 0.1-point. The Personal Well-Being Index is a combination of the level of satisfaction of Nigerians in seven aspects of life. Analysis of the level of satisfaction of Nigerians in these 7 indicators showed that Nigerians are mostly satisfied with their personal Religion (90.4-points), Social Interaction (78.5-points) and personal Health (77.5-points). On the other hand, Nigerians maintained a neutral stance in their Personal Security (69.1-points), Achievement in Life (52.8-points) and Standard of Living (51.3-points). The Economic Situation index (40.5-points) represents the lowest of all the indices of the PWBI for Q2, 2017 as it has always been, although it experienced an increase of 1.6-points from Q1 2017. This implies a slight improvement in the personal economic situation of Nigerians although they are generally not satisfied with this aspect of their lives.
Also it is worthy to note that 4 out of the 7 indicators experienced an increase in Q2, 2017; the Economic index had the highest increase of 1.6-point while the Achievements in life index had the highest decline of 0.9-point in the same quarter.
Personal Standard of Living Index – 51.3
The Personal Standard of Living Index experienced a slight increase of 0.8-point in Q2, 2017 from 50.5-points in Q1, 2017 to stand at 51.3-points. This indicates a marginal increase in the satisfaction of Nigerians with their current standard of living.
Personal Health index – 77.5
Although the index experienced a slight decrease of 0.6-point to stand at 77.5-points, it still depicts that Nigerians are satisfied with their Personal Health in Q2 2017.
Personal Achievement Index – 52.8
This index revealed that Nigerians are neutral in terms of their personal achievement as it experienced a decline of 0.9-points (representing the highest decline in Q2, 2017). It went down from 53.7-points in Q1, 2017 to 52.8-points in Q2, 2017.
Personal Security Index – 69.1
The Q2, 2017 Personal Security Index experienced an increase by 0.8-point to stand at 69.1-points in Q2, 2017. This indicates that Nigerians are somewhat satisfied with their personal security.
Personal Social Interaction Index – 78.5
This index experienced a little decrease of 0.6-point from the Q1, 2017 to stand at 78.5-points in Q2, 2017; denoting that Nigerians are still very much satisfied with their social interaction regardless of the challenges in the country.
Personal Religion Index – 90.4
Analysis has always shown that Nigerians are contented with their religious belief because the Personal Religion Index has constantly been the highest index in the PWBI results. In Q2, 2017, it remained almost the same with Q1, with a slight 0.1-point increase to stand at 90.4-points from 90.3-points obtained in the previous quarter.
Personal Economic Index – 40.5
The Personal Economic Index for Q2, 2017 experienced an increase of 1.6-points to stand at 40.5-points. This slight increase infers that Nigerians perceived that their economic situation is a little better than what it used to be in Q1, 2017. Although, when this index is compared to the overall sub-components that made up the PWBI, it is the lowest and could mean that there is a low level of satisfaction in the personal economic situation of the Nigerian populace.
Trend analysis revealed that four indicators that constitute the PWBI experienced an increase in Q2, 2017 while the remaining three experienced a decline. The data trend also indicated Personal Economic situation as the index which experienced the greatest increase with 1.6-points in Q2, 2017. Additionally, a comparison of the quarter-on-quarter analysis results between Q1, 2017 and Q2, 2017 showed that the NOIPolls PWBI increased to 65.4-points in Q2, 2017 from 65.3 points obtained in Q1, 2017 depicting a 0.1-point difference.
An in-depth analysis of the monthly findings in Q2, 2017 revealed that the NOIPolls PWBI was highest in the month of May at 65.6-points and lowest in the month of April at 64.6-points, bringing the average mean for the PWBI in Q2, 2017 to 65.2-points.
In conclusion, current findings have shown that the NOIPolls PWBI increased by 0.1-point to stand at 65.4-points in Q2, 2017. Four of the individual indicators that make-up the PWBI (Economic index, Religion index, Personal security index and the Standard of living index) experienced an increase; while the remaining three (Social interaction index, Achievements in life index and Personal Health index) experienced a decline. Additionally, the difference in the PWBI results from Q1, 2017 (65.3-points) is insignificant when compared to the results obtained in Q2, 2017 (65.4-points); implying that Nigerians are still somewhat satisfied with their personal well-being in Q2 2017. But the constant low points of the Economic situation index calls for the current administration to harness all the possible means that would proffer better living condition for the citizens of Nigeria.