Experts describe data as tool for economic growth

Experts in data analytics have urged the federal government to leverage data as tool for economic growth.

According to them, there are huge opportunities for development lying untapped while data is being harnessed. They noted that the developed world have used data to generate revenue to boost their economy forward.

Speaking during a press conference themed: “The Future of Data Analytics”, which heralded the Academy of Real Meta Analytics seven day executive machine learning training on data analysis in Lagos, the Managing Director /Chief Executive Officer, Axon Analytics Limited, Edirin Abamwa, said experience gained from other developed countries showed that data and data mining is very essential for economic growth.

He said if the federal government will ensure the enactment of appropriate laws and create enticing environment for data analytic firms to thrive, the economy would respond optimally and have growth of above six per cent GDP.

“Without that I think we will continue to grovel in the dark. The government really have to set up platforms and forums where information technology and data analysis is brought to the forefront for the use of everybody,” he said.

The Founding Member, K2 Analytics Finishing School, India, Rajesh Jakhotia, said there is a huge opportunity which is lying untapped when the government of Nigeria harnesses data, describing data as the ‘new oil” for effective economic development going forward.

“More data is being exponentially generated, if you compare the tech giants, all of them are making use of data to generate their revenue and with that revenue they have become billion dollar companies and almost a trillion dollars market valuation.

“With data I see that kind of growth is possible for big companies back here in Nigeria, and if you properly harness data, it will lead to lots of new jobs, employment for the youths and growth of the economy.” he explained.

Also speaking on increased employment, the Enterprise Data Scientist, Sterling Bank, Evans Otalor, explained that though technology is said to displace jobs, data analytics and digital revolution will bring other jobs into existence.

“Some people might lose jobs, but if they upgrade themselves and acquire new skills, they should be able to fill the new kind of jobs that will be applicable now,” he added.

He said currently, the data systems in Nigeria is being driven by the private sector, which he said is quite impressive, noting that with it, businesses in Nigeria can compete with those in developed countries as it will also help drive the economy towards greater goals.

Speaking on curbing cybercrimes with data analytics, Otalor said: “The only thing government can do that is to create law that will set a minimum standard for organisations to have, in terms of how they protect their data. If the standard is quite high, it will restrict hackers from being able to hack into individuals and companies’ system to access their data.”