From Adanna Nnamani, Abuja
Nigeria on Monday, hosted the regional workshop on Project Management, Monitoring and Evaluation Using Results-Based Management.
The training, organised by the West African Institute for Financial and Economic Management (WAIFEM), in Abuja, drew participants from different West African nations.
Established on July 22, 1996, WAIFEM was founded by the central banks of five Anglophone West African Countries: The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone. Its main aim is to develop skilled professionals and leaders i the fields of macroeconomic and financial management as well as governance and institutional development among the staff of the central banks, core economic and planning ministries, and other relevant public and private sector institutions that are critical in the formulation and management of economic policies in the sub-region and beyond.
Director General of the institute, Dr. Baba Musa, in his address at the event, said the main objective of the workshop was to upgrade the knowledge and skills of participants in understanding monitoring and evaluation systems using result-based management framework.
According to Musa, “The specific objectives include: clarifying key project results levels, developing indicators and targets for each result level, designing a project using logical framework, and developing and implementing an effective monitoring and evaluation system, among others. “
The DG said WAIFEM had distinguished itself as a leading capacity-building institution not only in the sub-region but also internationally. He noted that the organisation has so far delivered over 934 capacity-building programmes which have benefitted 26,048 participants from the sub-region and beyond.
He added that a team of experienced experts and practitioners from the sub-region had been assembled to deliver the technical sessions for the duration of the workshop, and encouraged participants to freely interact with them to derive the maximum benefits.
Also speaking at the programme, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said project monitoring and evaluation has become crucial in management of scarce resources of nations, especially a world that is being fraught with challenges across all sectors of the economy.
Represented by Dr. Yusuf Bulus, Deputy Director, Monetary Policy Department CBN, Cardoso added that 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
“Many projects are conceived with passionate cause and compelling vision and therefore, measurement and impact become crucial when it comes to showcasing the change they bring to the intended target. But then, many institutions lack the capacity, knowledge, and/or in-house expertise to be able to effectively measure project outcomes; hence, the importarice of this training workshop. What is measured (quantitatively and qualitatively) can be managed and helps improve any intervention strategy. Measurement also articulates the change in more concrete terms and facilitates a better understanding from the donors or funders’ point of view regarding how their funds have been used to bring about the desired outcome and impact.” He stated.