The Senate passed a bill on Wednesday for the first reading, aiming to create a Federal Data Bank.
The bill, sponsored by Senator Jimoh Ibrahim of the APC representing Ondo South, seeks to establish a comprehensive data repository covering every sector of the economy.
Senator Ibrahim emphasized the pivotal role of data in economic planning and development. He highlighted that the proposed Federal Data Bank aims to provide essential information for both the public and private sectors.
Senate Orders Probe into Refinery Contracts
The senator stressed the importance of obtaining in-depth insights into customer behavior, internal processes, and external risks to foster economic growth.
Senator Ibrahim stressed the essential role of a Data Bank in any dynamic economy, enabling the examination of diversity, quantity, speed, and significance.
Ibrahim 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.”
Reps Adjourns Plenary Amidst NLC Strike
He further explained that such a repository would serve as a valuable resource for all levels of government, extending from the federal to the local government level, providing access to vital information for informed decision-making.
“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.”