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CBN Needs Stronger Monitoring and Analysis to Enhance Challenge Effectivity in West Africa
The Central Financial institution of Nigeria (CBN) has referred to as for a renewed concentrate on monitoring and analysis (M&E) in mission administration throughout West Africa, highlighting its significance throughout a time of restricted assets.
The CBN Governor, Mr. Olayemi Cardoso made the decision in his opening remarks at a workshop on mission administration organised by the West African Institute for Monetary and Financial Administration (WAIFEM) in Abuja.
Mr. Cardoso, represented by Dr. Yusuf Bulus, Deputy Director of the Financial Coverage Division on the CBN, emphasised that M&E performs a essential function in making certain transparency, accountability, and environment friendly useful resource utilisation.
He identified the present challenges confronted throughout varied sectors in Nigeria, together with well being, training and building. These challenges, he stated, coupled with a decent fiscal setting, make efficient useful resource administration much more essential.
Highlighting the significance of M&E design originally of mission growth, the CBN governor famous that beginning a mission and not using a correct M&E framework is tantamount to beginning a enterprise with out adequate monetary assets.
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Monitoring, he defined, “is a steady course of that tracks progress in the direction of reaching milestones and outcomes. Analysis, alternatively, focuses on figuring out the general effectiveness, effectivity and influence of a mission.”
Based on him, clear measurement permits for higher decision-making and showcases the true change a mission brings. He acknowledged that many establishments lack the in-house experience for efficient mission analysis, highlighting the significance of such workshops in constructing capability.
Dr. Baba Y. Musa, Director Common of WAIFEM, emphasised the significance of the workshop in addressing the challenges confronted in varied sectors all through West Africa. He harassed the necessity for efficient mission execution, together with correct identification of key milestones and a strong M&E system.
The workshop curriculum, as outlined by Dr. Musa, delves into varied facets of mission administration.
“This contains establishing and implementing tasks, designing monitoring techniques and utilising result-based administration (RBM) framework for improved mission planning and analysis.
“The workshop equips individuals with the abilities mandatory to make sure tasks obtain their supposed targets, contributing to optimistic growth throughout West Africa,” he added.
