Senate initiates move for the establishment of Federal Data Bank

The Senate took a significant step on Wednesday by introducing a bill, sponsored by Senator Jimoh Ibrahim (APC Ondo South), aimed at creating the Federal Data Bank. This legislative move is intended to lay the foundation for an Act that will facilitate the establishment of a comprehensive data repository covering various sectors of the economy. The envisioned Federal Data Bank aims to provide essential data for both public and private sectors, contributing to informed decision-making and strategic planning.

Senator Ibrahim emphasized the critical role of data in economic planning and development, highlighting its significance for gaining insights into customer behavior, understanding internal processes, and assessing external risks. The proposed Data Bank is designed to accommodate a diverse range of data in terms of variety, volume, velocity, and value.

He stated, “There is a need for the Federal Government and stakeholders to invest in a data bank that will drive the growth agenda.” The creation of a centralized database is expected to streamline the management and accessibility of information crucial for national development, particularly in a data-intensive environment or where data storage for an extended period is necessary.

Senator Ibrahim further explained that the benefits of the Federal Data Bank would extend from the federal to the local government level, allowing various levels of government to access valuable information. He emphasized the potential self-sustainability of the Data Bank, envisioning that it could receive and sell data. Additionally, he suggested that international support from entities such as the World Bank and IMF could aid the initiation of the bank.

This legislative move signifies a proactive approach by the Senate to harness the power of data for comprehensive development and effective governance across multiple sectors.