As Nigeria intensifies efforts towards becoming one of the 20 most advanced economies by the year 2020, the Central Bank of Nigeria has stressed the need for the Federal Government and the private sector to adopt best practice in project management
The Deputy Director/ Group Head, Enterprise Programme Management, Mr. Oluwatoyin Jokosenumi, stated this during the ProMaCom 2010 conference in Abuja, on Tuesday.
Jokosenumi noted that non-adherence to the principles and best practice in project management was the bane of infrastructural development across the country.
He blamed the high incidence of project failure in Nigeria on corruption, poor planning, implementation and monitoring of projects.
According to him, ”Most of the infrastructural projects in Nigeria suffer set back due to corruption, poor planning, implementation and monitoring.
In fact, we have it on record that more than half of our projects failed due to these factors.
”More than half of the projects in the country have failed for lack of cost management framework. The ideal thing to do in project management is first of all, to estimate appropriately what needs to be done on a project. The next thing is providing the relevant budget, that is the money to do it, while the third is ensuring that proper control mechanisms are put in place to ensure that the work is actually done. Also, we must allow the professionals that understand what all the project is about to advise us.
”Another critical factor that needs to be addressed is the risks that are associated with projects. Most often, the risks are not identified. Our risks must be planned, identified, properly analysed qualitatively and quantitatively and properly monitored.
”In Nigeria, we don‘t do these things. We just go into the project because we are in a hurry, because the money must be spent to satisfy the political equation. In most cases, we are not interested in the value that come to our people. We must address these issues for us to be able to achieve Vision 20:2020”
Also speaking during the event, the Programme Director, National Project Management Conference, Mr. Taopheek Babayeju, said, ”The theme of ProMacom 2010 Conference, Project Management: The Key to National Development”, is predicated on the need to employ project management approach in project and programme delivery, most especially in government policies and projects”
”The annual National Project Management Conference is a non-profit, private sector initiative aimed at institutionalising project management best practices in Nigeria. It is a knowledge building and capacity enhancing event that exposes participants to the global trends and best practices in the management of projects and programmes.
He added, ”The conference is a professional development event that provides a unique forum for professionals across all industries to exchange ideas on today‘s project challenges and emerging trends. It features expert presentations and training workshops delivered by experienced project management professionals and gives attendees a variety of topics that suit their interest and career needs.
”Project management is no where within our constitution but what we are trying to do as project management professionals is to build an advocacy group that will sensitise the government. We are looking at how to use project management to better the lots of Nigerians, before too long, the institute is going to come up with a private bill to ensure that the project management is institutionalised and employed for all tiers of government”
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