By Lateef Taiwo
The 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
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