Gov. Cardoso advocates vigilant project monitoring at regional workshop
In a bid to underscore the pivotal role of monitoring and evaluation in project management, the Governor of the Central Bank of Nigeria (CBN), emphasized the criticality of meticulous project oversight. The remarks were made during the commencement of a regional workshop on Project Management, Monitoring, and Evaluation, organized by the West African Institute for Financial and Economic Management (WAIFEM) in Abuja.
Representing the CBN Governor, Dr. Yusuf Bulus of the monetary policy department, reiterated the imperative of strategic project oversight amidst the myriad challenges confronting contemporary society. Against the backdrop of resource constraints and multifaceted global challenges, effective management of scarce resources assumes paramount importance in navigating the intricate fiscal landscape.
Governor Cardoso, in his address, articulated the pressing need for judicious resource allocation amidst a milieu characterized by escalating human conflicts, geopolitical tensions, soaring living costs, and climate change-induced vulnerabilities. These exigencies underscore the imperative for governments and organizations to adopt rigorous fiscal measures to optimize resource utilization while addressing competing priorities.
Highlighting the significance of monitoring and evaluation frameworks in project management, Dr. Bulus underscored their indispensable role in ensuring the successful execution of development initiatives. He emphasized that robust monitoring and evaluation mechanisms serve as the bedrock of project implementation, facilitating the attainment of project objectives and goals.
Echoing similar sentiments, Dr. Baba Musa, the Director-General of WAIFEM, underscored the pivotal role of identifying defining moments throughout the project lifecycle. Dr. Musa underscored the holistic nature of project success, spanning from initiation and planning to execution, monitoring, evaluation, and closure. He emphasized the need for periodic evaluation tests at various project phases to sustain progress and mitigate potential setbacks.
Dr. Musa emphasized that poor project outcome management could undermine the realization of project objectives, necessitating vigilant monitoring and evaluation as continuous management functions. By assessing progress, identifying bottlenecks, and mitigating risks, monitoring and evaluation frameworks serve as indispensable tools for project success.
The regional workshop, according to Dr. Musa, aims to equip participants with the requisite skills for project setup and implementation, elucidating the intricacies of monitoring and evaluation systems. The workshop seeks to foster a culture of robust project oversight, thereby enhancing project efficacy and bolstering developmental outcomes.
Established in July 1996 by the central banks of five Anglophone West African countries, WAIFEM serves as a collaborative sub-regional capacity-building organization. With a mandate to cultivate human and institutional expertise in macroeconomic, fiscal, debt, and financial management, WAIFEM remains steadfast in its mission to enhance capacity across relevant sectors.
As stakeholders convene to deliberate on strategic approaches to project management, the regional workshop epitomizes a concerted effort to foster sustainable development through enhanced project oversight and efficacy.
