The Senate has taken a significant step towards establishing the Federal Data Bank by passing a bill for first reading.
The bill, sponsored by Senator Jimoh Ibrahim (APC Ondo South), aims to create an Act that would establish the Federal Data Bank, covering various sectors of the economy and providing data for both the public and private sectors’ development.
Senator Ibrahim, in a conversation with journalists, highlighted the importance of data in economic planning and development. He emphasized that a Data Bank is crucial for gaining in-depth insights into customer behavior, assessing internal processes, and understanding external risks. This, in turn, allows for a wide range of data in terms of variety, volume, velocity, and value.
The senator stressed the need for the Federal Government and stakeholders to invest in a data bank that would drive the growth agenda. Centralized databases make managing and accessing information for national development more efficient, particularly for countries with extensive data or the need to store data over an extended period.
Ibrahim also mentioned that all levels of government, from the federal to the local government, can benefit from access to information provided by the Federal Data Bank. Once established, the Data Bank has the potential to be self-sustainable by receiving and selling data. Additionally, international community and institutions like the World Bank and IMF are expected to support the bank’s launch.
The bill’s introduction signals the Senate’s recognition of the importance of data-driven decision-making and the potential benefits that a Federal Data Bank could bring to Nigeria’s development efforts.