In a bid to enhance economic planning and development, the Nigerian Senate has introduced a bill for the establishment of a Federal Data Bank. Sponsored by Senator Jimoh Ibrahim of APC Ondo South, the proposed data bank aims to play a pivotal role in shaping the nation’s growth agenda.
Senator Ibrahim emphasized the critical role of data in driving economic planning and development. He highlighted the importance of a centralized data bank that spans every sector of the economy, providing valuable insights for both the public and private sectors. The envisioned data bank is expected to offer comprehensive information on customer behavior, internal processes, and external risks, facilitating a deeper understanding of the economic landscape.
The senator stated, “There is a need for the Federal Government and stakeholders to invest in a data bank that will drive the growth agenda.” He further emphasized that centralizing databases simplifies the management and access of information, contributing to national development.
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The proposed Federal Data Bank aims to benefit all levels of government, from the Federal to the Local Government level, by providing access to valuable information. Senator Ibrahim envisions the data bank as a self-sustainable entity that can generate revenue by receiving and selling data. Additionally, he anticipates support from the international community and institutions such as the World Bank and IMF for the establishment and growth of the data bank.
As the bill progresses through the legislative process, the potential establishment of a Federal Data Bank could mark a significant step toward harnessing the power of data for informed decision-making and national development in Nigeria.
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