By Michael Eboh
The standard of living of Nigerians dipped to 52.45 points in the month of March, according to data released yesterday, by NOIPolls Limited.
NOI Polls, in a statement announcing its Portfolio of Indices report, disclosed that the Personal Well-Being Index (PWBI) for March 2015, which comprises the standard of living index and other indices, experienced a slight decline of 0.52 points to close the month at 45.26 points from 45.78 points in February 2015.
The Personal Well-Being Index, according to NOIPolls, measures factors impacting on the lives of everyday Nigerians.
Giving a breakdown of factors responsible for the decline in the PWBI, NOIPolls said the Personal Health and Personal Security indices both experienced an increase, while all other indices experienced a decline.
Specifically, the Personal Standard of living index in the month of March 2015 declined by 1.03 points to close the month at 52.45-points. This, according to NOI Polls, still shows an average level of satisfaction by Nigerians in their current standard of living, while the Personal Health Index recorded a slight increase of 0.06-points to 77.27 points, revealing that Nigerians are still very much satisfied with their current health status.
In addition, the Personal Achievement Index closed the month at 53.66 points, recording the highest decline of 2.9 points; Personal Social Interaction Index stood at 79.04 points, dropping by 0.68 points; Personal Religion Index dipped by 0.78 points to 89.48 points, while the Economic Index stood at 41.74 points, revealing that Nigerians are dissatisfied with the current economic situation.
Giving details of the survey method, NOIPolls said the Personal Well-Being Index Poll was conducted in the month of March 2015, through telephone interviews of a random nationwide sample, involving 1,000 individuals above the age of 18, representing the six geo-political zones.
“With a sample of this size, we can say with 95 per cent confidence that the results obtained are statistically precise – within a range of plus or minus three per cent. NOIPolls Limited, works in technical partnership with the Gallup Organisation (USA). We conduct periodic opinion polls and studies on various socio-economic and political issues in Nigeria,” NOIPolls stated.
Commenting further, the polling, analytics, databank and strategy firm said, “A year ago, 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 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.”