L – R: Chief Executive Officer, Union Bank. Emeka Emuwa; Former Minister of Industry, Chief Nike Akande; Head, Commercial Banking, Union Bank, Adekunle Sonola and Chief Digital and Innovation Officer, Union Bank, Lola Cardoso at the opening ceremony of the edu360 fair organised by Union Bank, Wednesday.

The Consumer Confidence Index (CCI) report released by NOIPolls Nigeria for Q3, 2018 has revealed a 6.2-points decline in the CCI to stand at 60-points in Q3, 2018 from 66.95-points in Q2, 2018.
The NOIPolls Consumer Confidence Index measures how optimistic or pessimistic consumers are regarding their present and future economic prospects. According to the group, the drop in the CCI suggests that the spending pattern of Nigerian households declined in Q3, 2018.
Furthermore, the two variables that make up the CCI; the Present Situation Index (PSI) and the Expectation Index (EI) both experienced a decline. The PSI declined by 1.4-points from the results obtained in Q2, 2018 to stand at 41.7 -points in Q3, 2018, similarly, the EI declined by 9.7-points from the 84.77 obtained in Q2,2018 to stand at 75.1-points. These are the key highlights from the Q3, 2018 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 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 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.

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