The Senate began the process of establishing the Federal Data Bank on Wednesday by approving a measure sponsored by Senator Jimoh Ibrahim (APC Ondo South) for first reading.
According to Senator Ibrahim, the purpose of the measure is to allow for an Act for the Establishment of the Federal Data Bank, which would encompass every area of the economy and give data for development for both the public and commercial sectors.
Ibrahim explained that data is critical to economic planning and development, making a Data Bank essential in any thriving economy and for in-depth insights into customer behavior, the state of internal processes, and external risks, allowing for variety, volume, velocity, and value.
He said:
“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 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.