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Project monitoring, evaluation key to successful outcomes – Cardoso

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The Governor of the Central Bank of Nigeria (CBN) says monitoring and evaluation of development projects is crucial to the overall success of such projects.

Cardoso said this on Monday in Abuja at the opening of a regional workshop on Project Management, Monitoring and Evaluation organised by the West African Institute for Financial and Economic Management (WAIFEM).

The CBN governor was represented by Dr Yusuf Bulus of the monetary policy department of the CBN.

According to him, the world today is tense with challenges across all sectors.

“Resources are increasingly becoming inadequate to address these emerging challenges.

“Managing scarce resources has become very necessary in a very tight fiscal environment which is characterised by growing human conflict, geo-economics fragmentation, cost of living crunch, and climate change.

“These conditions have put pressure on public finances, and government has to implement fiscal measures to balance competing priorities with available resources,’’ he said.

He said that as government and organisations assessed, designed, and implemented crucial interventions, an important component of project management and implementation that required due attention was the monitoring and evaluation design.

“The monitoring and evaluation framework is the foundation of any development project and is key to its successful implementation and in achieving envisaged project goals and objectives,’’ he said.

The Director-General of WAIFEM, Dr Baba Musa, said that the success of projects depended on the identification of the defining moments throughout the phases of the project execution.

Musa said that this encompassed the life circle of the project, which includes initiation, planning, execution, monitoring, evaluation, and closure.

According to him, you can perform an evaluation test after every phase to ensure that progress is sustained up to the end of the project.

“Poor management of project outcome can result in the objectives of the project not being realised.

“Monitoring and evaluation are in this regards, a continuous management function to assess if progress is made in achieving expected results.

“They will also help to spot bottlenecks in implementation and highlight whether there are any unintended effects or risks,’’ he said.

According to hom, the workshop is expected to equip participants with skills in setting up and implementing projects on how the monitoring and evaluation system worked.

NEWSVERGE reports that WAIFEM is a collaborative sub-regional capacity building organisation established in July 1996 by the central banks of five Anglophone West African countries.

Its mission is to develop human and institutional expertise in the field of macroeconomic, fiscal, debt and financial management for central banks and other relevant MDAs.

Kadiri Abdulrahman

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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