Nigerians are finding comfort in their religion as their economic conditions deteriorate; the latest “Personal Well Being” survey by NOI Polls has shown. The Personal Well Being Index (PWBI), which assess how Nigerians feel about their lives, showed that the index declined by 0.6-points to stand at 63.9-points.
The decline indicates that Nigerians are less satisfied with their well-being. A detailed analysis of the individual indicators that make-up the PWBI revealed that Nigerians, 89.2% of all those that responded to the survey, are most satisfied with their religion but only 38.89% said that they were satisfied with their economic situation, an indication that in the midst of the deteriorating economic situation, many Nigerians are turning to God to tide them through the difficult times.
Nigerians are also turning to family members, friends and perhaps neighbours for support through the difficult times as 78.4% of those surveyed claimed satisfaction with their Social Interaction in their society but only 48.3% of those surveyed claimed satisfaction with their Standards of living. The “economic situation and standard of living indices experienced the highest decrease of 2-points each in Q2, 2016.”
According to the report released on 8 August, “this decline may be an effect of recent reports of massive layoffs of workers as several companies are trying to cut costs so as to remain in business.”
The NOI survey also shows a drop in the Consumer Confidence Index (CCI) by 3.5-points to stand at 59.9-points in the second quarter of 2016, which indicates that the consumer’s ability to spend declined with respect to the deteriorating economic situation.
The CCI shows how the purchasing power of Nigerians affects the general economy. Therefore the decrease recorded in the CCI in the second quarter of 2016 revealed that there is a reduction in consumer spending hence the reduction in revenue generation in the economy. The National Bureau of Statistics (NBS) also released its GDP report for the second quarter which showed that economic activities contracted by 2.06% in the second quarter matching the drop in Consumer Confidence Index in the same period and deterioration in the economic well being of Nigerians amidst rising unemployment and inflation.
The NOI report notes that “it is imperative for the government to intensify its efforts at diversifying the economy and creating an enabling environment for investors.”
The Personal Well-Being Index and Consumer Confidence Index Polls were conducted in Q2, 2016. The PWBI involved telephone interviews of a random nationwide sample. 3,000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed. With a sample of this size, NOI polls affirms that they can say with 95% confidence that the results obtained are statistically precise – within a range of plus or minus 3%.
