Senate seeks establishment of Federal Data Bank

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

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

Ibrahim explained that data is critical to economic planning and development, making the need for a Data Bank very important in any vibrant economy and 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.

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.