The Central Bank of Nigeria (CBN) with the West African Institute for Financial and Economic Management (WAIFEM) has launched a five-day Regional Workshop on Project Management, Monitoring and Evaluation using Results-Based Management.
The event, which started on Monday and ends 10 May 2024, aims to enhance the project management capabilities within the region.
The workshop was inaugurated by the CBN Governor, Dr. Olayemi Cardoso, who was represented by Dr. Yusuf Bulus of the regulatory bank’s Monetary Policy department, in Abuja on Monday.
WAIFEM was founded on July 22, 1996, by the central banks of five Anglophone West African countries, namely The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.
The Institute’s primary objective is to develop a group of skilled professionals and leaders in the fields of macroeconomic and financial management, governance, and institutional development among the staff of central banks, core economic and planning ministries, and other relevant public and private sector institutions that are essential in the formulation and management of economic policies in the sub-region and beyond.
In the keynote address, delivered on behalf of the apex bank’s governor, Bulus highlighted the importance of monitoring and evaluation in project management.
“The monitoring and evaluation framework is the foundation of any development project and is key to its successful implementation in achieving the envisaged project goals and objectives,” he remarked.
The workshop focuses on addressing the challenges across various sectors such as health, education, and construction, emphasising the need for efficient resource utilization in the face of growing human conflicts, geoeconomic fragmentation, and climate change.
Bulus also touched upon the significance of M&E in ensuring transparency, accountability, and early detection of problems, which ultimately leads to improved decision-making and replication of successful projects.
“Through this process, organizations collect and analyze data, and determine if a project or program has fulfilled its goals,” he explained.
The Director General of WAIFEM, Dr. Baba Musa expressed his gratitude to the President of Nigeria, Bola Tinubu, and the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, for their support.
“This workshop represents a significant step towards enhancing the project management capabilities within the region”, Musa stated.
The event has gathered distinguished facilitators and participants from across the region, and it is expected that the knowledge and skills acquired will lead to enhanced job performance and better project outcomes.
With the workshop now officially open, participants are encouraged to engage with the faculty and explore the city of Abuja during their stay.
