The Senate on Wednesday passed for First Reading, a Bil for the establishment of Federal Data Bank.
Sponsored by Senator Jimoh Ibrahim, representing Ondo South, the bill seeks to provide for an Act for the establishment of a federal data bank that would cover every sector of the economy and provide data for development for both the public and private sectors.
Speaking with journalists after plenary, Senator Ibrahim noted that data is critical to economic planning and development, which makes the Data Bank very important in any vibrant economy.
“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 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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