The Central Bank of Nigeria has started a Regional Workshop on Project Management, Monitoring & Evaluation using Results-Based Management with the West African Institute for Financial and Economic Management.
The aim of the event, which runs from May 6 to May 10, 2024, is to improve project management capabilities in the region.
The CBN Governor, Mr. Olayemi Cardoso, inaugurated the workshop in Abuja on behalf of Dr. Yusuf Bulus on Monday.
Founded on July 22, 1996, WAIFEM was established by the central banks of five Anglophone West African countries: The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.
The primary objective of the Institute is to develop a group of skilled professionals and leaders in 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 essential for formulating and managing economic policies in the sub-region and beyond.
In the keynote address, Bulus emphasized the importance of monitoring and evaluation in project management on behalf of the apex bank’s governor.
“The monitoring and evaluation framework is crucial for the successful implementation and achievement of project goals and objectives,” he noted.
The workshop focuses on addressing challenges in sectors such as health, education, and construction, highlighting the importance of efficient resource utilization in light of growing human conflicts, geoeconomic fragmentation, and climate change.
Bulus also discussed the significance of M&E in ensuring transparency, accountability, and early problem detection, contributing to improved decision-making and replication of successful projects.
“Through this process, organizations gather and analyze data to determine if a project or program has met its goals,” he clarified.
The Director General of WAIFEM, Dr. Baba Musa, expressed 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 is a major step in improving project management capabilities within the region,” Musa stated.
The event has brought together notable facilitators and participants from across the region, and it is expected that the knowledge and skills gained will result in improved job performance and project outcomes.
The workshop is now officially open, and participants are encouraged to interact with the faculty and explore the city of Abuja during their stay.
