The bank launched the CPT on Oct. 8 in collaboration with U.S.-based Premise Data Corporation.
The CPT, the first to be introduced in Africa after its successful implementation in China and India, aims at tracking the pricing trend of food items in the country.
The experts told the News Agency of Nigeria (NAN) that lack of reliable market statistics remained a major challenge to the nation’s growth and development.
Mr Harrison Owoh, the Managing Director, H J Trust & Investment Ltd., said the CPT initiative needed to be promoted to achieve its major aim of helping to make effective investment decision. [eap_ad_2] Owoh said the consumer price tracker would assist investment analysts, businessmen and government in making effective investment and policy decisions.
He also said that paucity of data contributed to the ‘wait and see’ attitude of investors, and called on the private sector to support the initiative to ensure sustainability.
Mr Olaleye Williams, the Managing Director, GlobalView Consult & Investment Ltd., said that availability of accurate data is of paramount importance to sustainable economic growth and development.
Williams also said that information collection and dissemination needed to be enhanced to attract new capital inflows.
He noted that increased investment in Africa and the re-basing of the nation’s economy had opened a lot of investment opportunities that should be tapped with prompt investment data.
Mrs Bola Adesola, the Chief Executive Officer of Standard Chartered Bank Nigeria, said that the initiative is aimed at promoting the nation’s economic growth.
“Provision of reliable, easily accessible and credible insight into Nigeria’s general price trends will aid economic growth and development.’’
She said the product would facilitate decision-making with increased access to quality information.
Adesola said that over time, the CPT would be extended to price observation of other items such as personal care or health care products. (NAN) [eap_ad_3]