The West African Institute for Financial and Economic Management (WAIFEM) has emphasised the need for result based management (RBM) approach in project execution across the West African region.
The Director General of WAIFEM, Dr Baba Musa made the disclosure during the regional workshop on “Project Management Monitoring and Evaluation Using Results Based Management (RBM)”, currently on in Abuja.
He said poor management of project outputs and outcomes can result in the objectives of the project not being realised, adding that the workshop is expected to equip participants with skills in setting up and implementing projects and how the monitoring and evaluation systems work.
“The main objective of this workshop is to upgrade the knowledge and skills of participants in understanding monitoring and evaluation systems using a result-based management framework.”
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CBN Governor, Olayemi Cardoso said managing scarce resources has become necessary in a tight fiscal environment which has put pressure on public finances, forcing governments to implement fiscal measures to balance competing priorities with available resources.
Represented by Dr Yusuf Bulus, Deputy Director, Monetary Policy Department of the CBN, Cardoso said, “In light of the above, and as governments and organisations assess, design and implement crucial interventions, an important component of project management and implementation that requires due attention is the monitoring and evaluation (M&E) design which is the foundation of any development project and is key to its successful implementation in achieving the envisaged project goals and objectives.”