The Governor of the Central Bank of Nigeria (CBN) reiterated the vital role of monitoring and evaluating development projects for their overall success during the opening of a regional workshop on Project Management, Monitoring, and Evaluation. Organized by the West African Institute for Financial and Economic Management (WAIFEM), the workshop aims to address the challenges faced by organizations in effectively managing projects.
Speaking at the event in Abuja, the CBN governor, represented by Yusuf Bulus from the monetary policy department, underscored the pressing issues confronting various sectors in today’s world. He emphasized the scarcity of resources to tackle emerging challenges and the necessity of managing these resources efficiently, particularly in a challenging fiscal environment marked by conflicts, economic fragmentation, rising living costs, and climate change.
Highlighting the significance of monitoring and evaluation in project management, the governor stressed the importance of implementing a robust framework to achieve project goals and objectives effectively. Baba Musa, the Director-General of WAIFEM, echoed these sentiments, emphasizing the need to identify defining moments throughout the project’s execution phases.
He underscored the importance of continuous evaluation at each phase to ensure sustained progress and mitigate risks effectively. The workshop aims to equip participants with the necessary skills in project setup and implementation, with a focus on understanding how monitoring and evaluation systems function to ensure project success.
Established in 1996 by the central banks of five Anglophone West African countries, WAIFEM is dedicated to developing human and institutional expertise in macroeconomic, fiscal, debt, and financial management for central banks and relevant government agencies.
