Jimoh Ibrahim, who serves as both the senator for Ondo South Senatorial District and the Chairman/CEO of Global Fleet Group, advocates for leveraging data effectively to boost Africa’s economic growth.
During his participation in the concurrent IMF/World Bank Spring Meetings in Washington D.C., Jimoh challenged the World Bank and International Monetary Fund to highlight how data can positively influence Africa’s developmental goals.
The senator informed his audience that data is a crucial component for both economic and political progress, emphasizing that it acts as the bedrock upon which emerging African economies will be built.
“Data is essential for effectively reducing crime or running a government focused on alleviating poverty. Information from population statistics and personal records indicates that individuals ought to possess an identification document to record relevant data regarding their identities and activities,” he said.
He stated that the currency data suggests central banks across Africa need to grasp the extent of currency circulation both inside and outside the banking system to ensure proper planning.
“Electoral data is necessary to comprehend the level of public participation and why others are not involved in the political process. Every sector of the economy requires data, and if action is not taken now, in five years, it will be impossible to run any government without data, Ibrahim posited,” he stated.
Ibrahim stated that nobody can aid Africa without utilizing data. He revealed that according to the present economic forecast, making assumptions about a dire condition would be inappropriate.
“We can’t progress in Africa without data. Over the coming decade, we ought to allocate 15 percent of our budget towards tech-driven data initiatives. Data is essential; our growth is unachievable without it,” he stated.
He warned the IMF against generating projections without empirical evidence, stating that once the present Data Bank bill passes through legislation, Nigeria’s government will assume leadership. Under this new regime, all stakeholders will participate in managing the updated Data Bank system.
Once the legislation is approved, Ibrahim has called on the World Bank to back Nigeria’s federal database.
He recommends that the IMF should lend exclusively to African nations equipped with a comprehensive database.
Ibrahim said, “I think that you want the loans you are given to Africa to be paid back, and you want Africa to develop. My only question is, can any country develop without a data bank? Why are you not insisting on one, and how are you obtaining your projected African economic outlook without country data?
Once you dispatch your team there to gather a sample survey, you enter this information into an Excel sheet and produce statistics, using data from less than 1% of the relevant population to justify providing a loan. I urge you to treat Africa fairly.
Provided by GAPTEKZONE. (
).
