The upper house of the National Assembly has approved a bill to establish a Federal Data Bank for the nation on its first reading.
The bill’s passing was also applauded by the Senate, which Senator Jimoh Ibrahim (APC-Ondo South) helped to promote.
Every economic sector would be included by the measure, which is titled “A Bill for an Act for the Establishment of a Federal Data Bank,” which would give data for development to both the public and private sectors in plenary.
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According to Senator Ibrahim, the goals of the measure were to establish a Federal Data Bank Act that would encompass all economic sectors and supply data for industry development for both public and commercial organisations.
He states that “economic planning and development depend heavily on data, which makes the need for a data bank crucial in any thriving economy for comprehensive insights into consumer behaviour, the condition of internal operations, and external risks, which will allow for variety, volume, velocity, and value.”
The Federal Government and interested parties must make investments in a data bank that will power the growth strategy.
“Managing and gaining access to information for national growth is made simpler by centrally located databases.
“Countries that need to store data for a long time or have a lot of data should pay particular attention to this.”
He went on to say that information availability at all levels of government, from the federal to the local, can be advantageous.
