NITDA Recommends Use of Big Data to Build Viable Digital Economy

Mallam Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA) has said that building and harnessing of big data is a panacea for building a strong Digital Economy.

Mallam Inuwa Abdullahi disclosed this at the 2nd Nigeria Data Summit Theme: “Leveraging National Data for Nigeria’s Digital Economy Development” held (virtual) on Friday.

He explained that for the country to build a Digital Nigeria with a strong Digital Economy, we need a solid strategy for the exploration and management of our vital resource that drives Digital Nation and Digital Economy, which is data.

According to the NITDA Boss, “As we embarked on our journey to Digital Nigeria, we need to lay a strong foundation for its corresponding economy, the digital economy”.

Equally, the NITDA Director General, said that just as the physical natural resources are driven by oil, so also is data the primary resource that drives the digital economy.

He said, “The phrase “Data is the new oil” exposes certain similarities between data and oil.

“Just like oil, data needs refining before its actual value can be unlocked.

“Data also needs exploration and processing to extract its value or meaning significantly.

On the other hand, Mallam Inuwa Abdullahi said that there are some dis-similarities between data and oil, according to him, “while oil is a finite resource, data is infinite and reusable resource, it also has more varieties than oil, and can easily be moved and transported from one point to the other”.

He noted that several developed countries across the world are already using big-data for monetary and fiscal policy formulation, combating the Financing of Terrorism (CFT); crime prediction and prevention, national defence/security management; national planning and budgeting; together with disaster prevention and management, among others.

Mallam Inuwa Abdullahi further explained that the essence of the Data Summit was to help the country build a successful digital nation and a corresponding digital economy.

He further revealed that the outcome of the summit and other existing national data regulations, guidelines, standards, and policies will be leveraged to develop a solid national data exploration and management strategy for our digital landscape.

“Consequently, we are going to leverage the outcome of this summit and other existing national data regulations, guidelines, standards, and policies to develop a solid national data exploration and management strategy for our digital landscape.

“The strategy is aimed to achieve three objectives, to identify action items to transform the Nigerian big data landscape and help the government to develop the capabilities required for effective data exploration and management.

“To develop a comprehensive and time-bound roadmap of how we are going to explore and manage our big data.

“And to come up with an execution plan on how to close the gap between where we are currently and where we desire to be in the area of data exploration and management”.

Mallam Inuwa Abdullahi also submitted that the initiative is in line with President Muhammadu Buhari’s campaign promise in the area of Security, Economy, and Anti-corruption.