As African countries continue to struggle to recover from their economic downturn, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said human capacity deficit remains a major challenge facing countries in the West African region.
Speaking at the 20th anniversary of the West African Institute for Financial and Economic Management (WAIFEM) in lagos yesterday, Emefiele noted that the socio-economic capacity deficits have been a challenge in the West African countries in their quest for sustainable development.Emefiele who was represented by the Deputy Governor, Economic Policy, Dr Sarah Alade stated that “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 have continued to be the problem of the continent. He stated the need for member countries to continue to support the objectives of WAIFEM which had been established for the purpose of capacity building.
Stating that there is need to ensure that WAIFEM becomes the training and capacity building institution of ECOWAS, he said “we need to fast track it to avail the entire ECOWAS countries opportunity to benefit from WAIFEM’s capacity building programmes.
”Executive Governor of the Central Bank of Liberia and Chairman Board of Governors of WAIFEM, Mr Milton Alvin while speaking on the success story of WAIFEM stated that the institution has over the years engaged cost effectiveness in operations as well as creating opportunity to access the best human resources across the region.
He noted that the partnership and networking that is offered by WAIFEM increases the efficiency and effectiveness of member countries while allowing them to adopt best practices at minimal cost, adding that the capacity building institution has helped in fostering technology transfer.
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