By Olawunmi Ashaffa
The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday said that capacity deficits remained a major challenge facing countries in the West African region.
Emefiele made the remarks at the 20th anniversary of the West African Institute for Financial and Economic Management (WAIFEM) in Lagos.
Emefiele, who was represented by the Deputy Governor, Economic Policy, Dr Sarah, said that the socio-economic capacity deficits had been a challenge in the region in spite of the efforts to achieve sustainable development.
He said: “Those deficits continue to inhibit efforts in implementing their developmental strategies and policies and in achieving their desires development outcomes.”
According to him, weak capacity in its various dimensions has continued to be the problem of the continent.
The governor said the member countries needed to continue to support the objectives of WAIFEM which had been established for the purpose of capacity building.
He stressed the need to ensure that WAIFEM becomes the training and capacity building institution of Economic Community of West African States (ECOWAS).
Emefiele said, “We need to fast track it to avail the entire ECOWAS countries the opportunity to benefit from WAIFEM’s capacity building programmes.”
Also, Executive Governor of the Central Bank of Liberia and Chairman, Board of Governors of WAIFEM, Mr Milton Alvin, said WAIFEM had recorded success story in its efforts to access the best human resources across the region.
Alvin added that WAIFEM as an institute had over the years engaged cost effectiveness in operations.
He stressed that WAIFEM had always used partnership and networking to increase the efficiency and effectiveness of member countries.
The chairman said the institute also allowed the member countries to adopt best practices at minimal cost and engage them in capacity building to foster technology transfer.