" ITREALMS: Data still new oil says Bickersteth, applauds Tijani - ITREALMS

Sunday, January 14, 2024

Data still new oil says Bickersteth, applauds Tijani - ITREALMS

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A notable network and digital identity systems professional, Mr. Sola Bickersteth has declared that data is still the new oil and applauded the Federal Ministry of Communications and Digital Economy led by Dr. Bosun Tijani for publishing a draft strategic blueprint for the sector, reports ITREALMS.

Data still new oil says Bickersteth, applauds Tijani - ITREALMS
Reacting to the recent publication of the document by the ministry, Bickersteth said its commendable that the ministry could come up with such a document at this time.

According to him, given Nigeria's present-day reality, the adopted winning formula in the document, proposed to accelerate prosperity could be improved upon bearing in mind that key underlining factors are data, technical innovation, capital and labor.

He maintained that data the main factor, stressing that all digital and indeed leading economies the world over as well as the Artificial Intelligence (AI)-driven systems “thrive on data, data and more data.”

The blueprint document, he said, as such should include a much more prominent and comprehensive, public sector led but private sector driven, safe, responsibly usable, and continuous data collection strategy.

As said by Bickersteth, whilst keeping in mind that the Bank Verification Number (BVN) scheme for example, is a key data system, that has fueled Nigeria's impressive fintech and payment systems growth and has been largely successful because of private sector involvement.

“So, if you like, Data = BVN/NIN,” he asserted, insisting that “after-all, data is still the new oil.”

ITREALMS recalled that the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE) had last October released the document entitled “Accelerating our collective prosperity through Technical Efficiency; a strategic plan.”

Remmy Nweke/DoP

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