The Nigerian Senate has taken a significant step towards enhancing economic planning and development by passing a bill, sponsored by Senator Jimoh Ibrahim (APC Ondo South), for the establishment of a Federal Data Bank.
In an interview with journalists, Senator Ibrahim highlighted that the primary objective of the bill is to create a centralized data bank that encompasses all sectors of the economy, providing crucial data for both the public and private sectors.
Emphasizing the importance of data in driving economic growth, Senator Ibrahim explained that a Data Bank would offer profound insights into customer behavior, internal processes, and external risks, enabling informed decision-making based on a wide range of data variables—including variety, volume, velocity, and value. He stressed that investing in a Data Bank is a vital step for the Federal Government and stakeholders to advance the growth agenda.
The advantage of centralizing databases, as Senator Ibrahim pointed out, is the ease of managing and accessing information necessary for national development. This holds particular significance for countries accumulating vast amounts of data or needing long-term data storage capabilities. With the establishment of the Federal Data Bank, all levels of government, from federal to local, could benefit from comprehensive data access.
Senator Ibrahim expressed confidence that the Federal Data Bank could become self-sustainable, generating revenue both by receiving and selling data. Additionally, international entities like the World Bank and the International Monetary Fund (IMF) are expected to provide support for the Bank’s launch, underscoring its potential significance on a global scale.
The introduction of this bill by the Senate heralds a positive development for Nigeria’s economic landscape. With the prospect of a comprehensive Federal Data Bank, the nation can harness the power of data-driven insights to drive growth, enhance decision-making processes, and leverage information for the betterment of the country as a whole.
