The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has urged bank officials and other government functionaries to be careful in managing public funds due to the nation’s current economic challenges. He made this statement yesterday at the Regional Workshop on Project Management, Monitoring, and Evaluation Using Result-Based Management Framework, organized 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 of the bank, highlighted that various sectors of the economy are experiencing funding difficulties, and public officers must find ways to optimize value for money. Speaking on the theme “Project Management, Monitoring & Evaluation Towards Efficient Resource Utilization,” he emphasized the global challenges across sectors like health, education, and construction, noting that resources are increasingly insufficient to address these issues.
He stressed the importance of Monitoring and Evaluation (M&E) in project management and implementation, emphasizing that governments and organizations must assess, design, and implement interventions effectively. Mr. Cardoso highlighted that starting a project is like starting a business without enough financial resources and a monitoring and evaluation framework.
Furthermore, he described monitoring as a continuous process where stakeholders regularly receive feedback on progress toward achieving set goals and objectives. In his address, Dr. Baba Musa, Director-General of WAIFEM, explained that the regional workshop aimed to equip public officials with the necessary tools to enhance their M&E capacities, which would positively impact project implementation in member countries.
