Central Bank of Nigeria Case Study
Charged with ensuring the economic stability of the country, the Bank was experiencing challenges implementing timely changes to its strategy following the collapse of oil prices. We helped them develop execution mechanisms that enabled them to be successful with their organizational agility need.
Overview
The Central Bank of Nigeria is capable of adjusting its strategic position to adjust to shifting circumstances to help promote economic growth within the country but has historically been challenged with executing on its strategies in a timely and efficient manner. Recognizing this challenge, the Bank asked for assistance in implementing the necessary mechanisms to move towards operational excellence. Specifically, the Bank wanted help with the development and implementation of an Enterprise Programme Management Office (EPMO) and all of the supporting infrastructure needed to align projects with strategy and to properly execute on its project endeavors.
Outcomes
The Project Strategy Consulting Group performed a detailed assessment of the Bank’s capabilities and, working with an executive steering committee, formulated a roadmap of improvement initiatives that would help the Bank to effectively support its balanced scorecard strategy. We developed and implemented a tailored project, program, and portfolio management methodology appropriate for the Bank’s existing culture, supported the training and change management activities needed, and worked with senior executive leadership teams and other affected stakeholder groups to ensure support for the new state would be both enduring and impactful.
Summary
Implementing a new structure and a new way of approaching work efforts in an established organization is always challenging. By closely examining the Bank’s culture and existing mechanisms, we were able to guide and support the development of an EPMO that has been well-received and that is designed to provide both oversight as well as active practitioner support. By engaging senior executives, project portfolios are better aligned with strategy and resource allocation issues are abated. Most importantly, though, the Bank is now capable of performing its project and program efforts in a significantly more timely and effectual manner than had been the case when the improvement initiative commenced.
