According to key highlights from the July 2014 Portfolio of Indices Result released by NOIPolls Limited, Nigeria’s Consumer Confidence Index (CCI) recorded 0.6 point decline from June 2014 to stand at 71.2points. The Present Situation Index (PSI) which stands at 60.4 points and the Expectation Index (EI) which stands at79.2 points, (which are the two indicators that make up the CCI) both experienced slight declines of 1.2 points and 0.1 point respectively. NOIPolls Limited is a leading country specific polling services provider 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. The slight decline in the Consumer Confidence Index result which was obtained through telephone interviews of a random nationwide sampling of 4,000 phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, implies that Nigerians remain positive about their current personal situation, the economy and are also hopeful about their future. The survey also revealed that Personal Well-Being Index (PWBI) for Nigeria in the month of July, 2014 recorded slight increase to stand at 41.5 points. Furthermore, there was a decline in three of the seven indicators that constitute the PWBI (Standard of living, Achievement in life & Economic situation), and an increase in three other indicators (Personal security, Social interaction & Religion); while the Health Indicator remained unchanged. Additionally, the Achievement in Life index experienced the highest decline with 1.9 points, while the Personal Security Index experienced the largest increase with 1.4 points.[eap_ad_2]
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 conclusion on the business environment based on information from their immediate surroundings while the minority conducts 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.[eap_ad_3]