Senate seeks establishment of Federal Data Bank

By Iyojo Ameh

The Nigerian Senate Wednesday, set machinery in motion for establishment of Federal Data Bank by passing for first reading , a bill sponsored to that effect by Senator Jimoh Ibrahim ( APC Ondo South)

The intendment of the bill as explained by Senator Ibrahim in a chat with journalists , is to provide for an Act , for the establishment of federal data bank that would cover every sector of the economy and provide data for development for both the public and private sectors .

According to him, data is critical to economic planning and development, making the need for Data Bank very important in any vibrant economy for
in-depth insights into customer behaviour, the state of internal processes, and external risks, which will give room for variety, volume, velocity and value.

“There is a need for the Federal Government and stakeholders to invest in a data bank that will drive the growth agenda.

“Centralised databases make managing and accessing information for national development easier.

“This is especially important for countries with a large amount of data, or that need to store data for an extended period”, he said .

He added that all levels of government can also benefit from the Federal to Local Government level with access to information.

“When established, the Federal data bank can be self-sustainable since it can receive data and sell data; again, the international community and institutions like the World Bank and IMF will give support for the take-off of the Bank”, he stressed .