Strengthening Access to Finance for Micro, Small and Medium Enterprises (MSMEs) in Nigeria

Financial Management: The backbone of successful project delivery

According to the World Bank Financial Management Manual, project financial management combines the activities of planning, budgeting, accounting, financial reporting, internal control, auditing, procurement, disbursement and the physical performance of a project with the aim of managing project resources properly, to achieve project’s development objectives.

Sound financial management together with accurate and timely financial data are critical prerequisites for successful project implementation as they aid in effective decision making to guarantee project completion per timelines, scope of deliverables and budget. In addition, these help project management team to take decisive corrective actions on factors that threaten to derail the project.

Most projects are financed by either the government or donors for economic and social development purposes. Sound financial management not only provides assurance of prudent use of donor funds, but it also builds assertion that the project will have sustainable outcomes and benefits to the intended community and the country’s economy. Therefore, recipients of donor funding should endeavour to invest, account and accurately report all funds allocated to projects as well as institute above board corporate governance structures; which will ensure successful project implementation and earn donor and partners’ confidence.

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Peninah Musya is Audit Assistant Manager, KPMG in Tanzania (peninahmusya@kpmg.co.tz). The views and opinions are those of the author and do not necessarily represent the views and opinions of KPMG

About Femi Oke

Relentless passion for creativity and digital acumen to help a professional services firm thrive in the digital space. Femi is an individual with a rich experience on regional African knowledge, its diverse business culture and he understands the continent’s economic drive. He thrives on selfless service and lasting mutually beneficial relationships with colleagues and especially clients encountered in the course of his duties. He is creative, practical and self-motivated with business judgement in corporate, brand and strategic communications, social, digital & traditional media and executive profiling. Roles in the firm include New Media, Digital Communication, Corporate Communication, executive profiling and Brand Management execution. Working on the multi-million dollar Africa high growth market project stands out for femi; besides this, managing all KPMG’s digital communication for the World Economic Forum on Africa is another project that gives him great delight. Femi holds a Masters Degree in Global Marketing from the University of Liverpool.

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