The Nigerian Senate took a significant step forward on Wednesday, initiating the process for the creation of a Federal Data Bank by presenting a bill for its first reading.

The bill, sponsored by Senator Jimoh Ibrahim of the APC representing Ondo South, aims to establish a comprehensive federal data bank covering all sectors of the economy.

Senator Ibrahim emphasized the bill’s purpose during a discussion with journalists, highlighting its focus on enabling an Act that would facilitate the establishment of a federal data bank.

This initiative intends to furnish crucial data for both the public and private sectors, emphasizing its pivotal role in economic planning and development.

“Data holds immense importance in economic planning and development, necessitating the establishment of a data bank essential for acquiring comprehensive insights into customer behavior, internal processes, and external risks,” stated Senator Ibrahim.

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Highlighting the significance of a centralized database, he underscored its facilitation of seamless management and access to information, a fundamental requirement for national development, especially in nations with substantial data requirements or the necessity for prolonged data retention.

Senator Ibrahim also emphasized the potential benefits extending from the federal to local government levels through access to information. He envisaged the Federal Data Bank as a self-sustaining entity, capable of not only receiving and storing data but also selling data.

Furthermore, he anticipated international support from organizations like the World Bank and IMF for the successful launch of the bank.

The passing of this bill for the establishment of a Federal Data Bank signifies a pivotal step toward fostering data-driven insights crucial for Nigeria’s socio-economic development across various sectors.

The bill is currently at the initial reading stage and will undergo further legislative processes in the Senate.