By 
Mr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), emphasized the importance of prudent resource management amidst Nigeria’s current economic challenges. Speaking at the Regional Workshop on Project Management, Monitoring, and Evaluation Using Result-Based Management Framework in Abuja, Dr. Yusuf Bulus, Deputy Director of the Monetary Policy Department, represented him.
Cardoso stressed the necessity for public officers to optimize value for money, especially in sectors facing funding challenges. He highlighted the global challenges across various sectors, including health, education, and construction, where resources are increasingly inadequate. In such a tight fiscal environment characterized by conflicts, economic fragmentation, cost-of-living pressures, and climate change, prudent management of scarce resources becomes crucial to balance competing priorities.
The CBN governor identified Monitoring and Evaluation (M&E) as a critical component of project management and implementation. He emphasized its importance in assessing, designing, and implementing crucial interventions effectively. According to him, a robust monitoring and evaluation framework is essential for the successful achievement of project goals and objectives.
Dr. Baba Musa, the Director-General of WAIFEM, echoed similar sentiments, highlighting the workshop’s aim to enhance public officials’ M&E capacities. He emphasized the significance of identifying defining moments throughout the project execution phases, including initiation, planning, execution, monitoring, evaluation, and closure. Musa emphasized the role of monitoring and evaluation in ensuring sustained progress, identifying implementation bottlenecks, and mitigating unintended effects or risks.
Established in 1996 by the central banks of five Anglophone West African Countries—The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone—WAIFEM’s primary mandate is to develop skilled professionals and leaders in macroeconomic and financial management, governance, and institutional development among staff and government officials. Through workshops like this, WAIFEM aims to equip participants with the necessary skills to set up and implement projects effectively while understanding how monitoring and evaluation systems work to ensure project success.
Comments