CBN Wants Stronger Monitoring and Evaluation to Boost Project Efficiency in West Africa
The Central Bank of Nigeria (CBN) has called for a renewed focus on monitoring and evaluation (M&E) in project management across West Africa, highlighting its importance during a time of limited resources.
The CBN Governor, Mr. Olayemi Cardoso made the call in his opening remarks at a workshop on project management organised by the West African Institute for Financial and Economic Management (WAIFEM) in Abuja.
Mr. Cardoso, represented by Dr. Yusuf Bulus, Deputy Director of the Monetary Policy Department at the CBN, emphasised that M&E plays a critical role in ensuring transparency, accountability, and efficient resource utilisation.
He pointed out the current challenges faced across various sectors in Nigeria, including health, education and construction. These challenges, he said, coupled with a tight fiscal environment, make effective resource management even more crucial.
Highlighting the importance of M&E design at the beginning of project development, the CBN governor noted that starting a project without a proper M&E framework is tantamount to starting a business without sufficient financial resources.
Monitoring, he explained, “is a continuous process that tracks progress towards achieving milestones and results. Evaluation, on the other hand, focuses on determining the overall effectiveness, efficiency and impact of a project.”
According to him, clear measurement allows for better decision-making and showcases the true change a project brings. He acknowledged that many institutions lack the in-house expertise for effective project evaluation, highlighting the importance of such workshops in building capacity.
Dr. Baba Y. Musa, Director General of WAIFEM, emphasised the importance of the workshop in addressing the challenges faced in various sectors throughout West Africa. He stressed the need for effective project execution, including proper identification of key milestones and a robust M&E system.
The workshop curriculum, as outlined by Dr. Musa, delves into various aspects of project management.
“This includes setting up and implementing projects, designing monitoring systems and utilising result-based management (RBM) framework for improved project planning and evaluation.
“The workshop equips participants with the skills necessary to ensure projects achieve their intended goals, contributing to positive development across West Africa,” he added.
