Breaking: Senate Initiates Steps For Federal Data Bank Establishment

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On Wednesday, the Senate initiated the establishment of the Federal Data Bank by introducing a bill for first reading, sponsored by Senator Jimoh Ibrahim (APC Ondo South)…CONTINUE READING

Senator Ibrahim, in a conversation with journalists, clarified that the purpose of the bill is to enact legislation for the creation of a Federal Data Bank encompassing all sectors of the economy.

The aim is to provide comprehensive data for development in both the public and private sectors.

Emphasizing the critical role of data in economic planning and development, Senator Ibrahim highlighted the significance of a Data Bank in gaining profound insights into customer behavior, internal processes, and external risks, enabling diverse, voluminous, rapid, and valuable information.

He stated, “There is a need for the Federal Government and stakeholders to invest in a data bank that will drive the growth agenda,” pointing out that centralized databases facilitate the management and accessibility of information for national development.

Senator Ibrahim also emphasized the potential for the Federal Data Bank to be self-sustainable, generating revenue through data transactions. Additionally, he anticipated international support from entities such as the World Bank and IMF for the bank’s initiation.

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