By ENITAN ABEL JOHNGOLD ORHERUATA, mnipr

The Delta State Government has commenced a two-day capacity-building workshop designed to strengthen the financial analysis, modelling and decision-making capabilities of officials in the State Ministry of Economic Planning.

The workshop, organised by the Ministry in collaboration with the Universal Investment and Development Company Limited (UIDC), is focused on “Financial Analysis and Modelling” and is aimed at equipping participants with practical skills required for effective economic planning, project appraisal, forecasting, risk assessment and efficient allocation of public resources.

The training, which began on Thursday at the Conference Hall, 6th Floor, Prof. Chike Edozien Secretariat, Asaba, brought together senior officials, directors, heads of departments and selected professional staff of the Ministry.

Declaring the workshop open on behalf of the Commissioner for Economic Planning, Mr. Sonny A. Ekedayen, the Permanent Secretary of the Ministry, Mr. Augustine Itawansa, said the initiative was consistent with the growing demands of modern economic management and public administration.

He stressed the need for public officers involved in economic planning to continually improve their analytical capabilities and adopt evidence-based approaches in advising government.

According to him, the knowledge and skills acquired during the programme should translate into better professional performance and ultimately support the state government’s efforts to make sound economic decisions.

Itawansa urged the participants to take the training seriously and ensure that the knowledge acquired was applied directly to the mandate of the Ministry.

The Permanent Secretary said the programme was particularly important because of the strategic role played by the Ministry in providing government with the information, analysis and professional advice required for policy formulation, budgeting and economic development planning.

Representing the Managing Director/Chief Executive Officer of UIDC, Mr. Godwin Mukoro, FCA, at the training, Dr. Timothy Igbinosa said the workshop represented a deliberate investment in strengthening institutional capacity within the Delta State public service.

In his welcome address, Mukoro described financial analysis and modelling as essential tools for understanding financial and economic realities, assessing the viability of programmes and projects, forecasting future outcomes, managing risks and making informed decisions.

He noted that the importance of such skills was even greater in government institutions, where officials are required to ensure that scarce public resources were allocated efficiently and deployed to achieve measurable development outcomes.

He said the two-day programme would expose participants to practical knowledge in financial analysis, financial modelling, forecasting, project appraisal, risk assessment and related areas.

Beyond theoretical presentations, Mukoro said, the workshop was designed to provide opportunities for practical exercises, case studies, experience sharing and interactive discussions, enabling participants to apply the knowledge acquired to their day-to-day responsibilities.

He therefore charged the participants to actively engage the facilitators, ask questions, share their experiences and develop practical solutions that could be deployed within the public service.

“The real value of this workshop will be measured not only by the knowledge acquired here, but also by how effectively that knowledge is applied to improve planning, budgeting, project evaluation, policy formulation and resource management within the public service,” he said.

The UIDC boss further stressed the importance of human capital development to institutional effectiveness and sustainable economic growth.

According to him, no institution can perform beyond the capacity of its people, making continuous investment in the knowledge, skills and professional competence of public officers indispensable to the achievement of Delta State’s development aspirations.

He explained that UIDC, being wholly owned by the Delta State Government through the Ministry of Finance Incorporated, remained committed to supporting the state government through capacity building, financial services, consultancy, investment support and other professional interventions.

“Our collaboration with the Delta State Ministry of Economic Planning is therefore particularly significant to us. We see this partnership as more than the organisation of a training programme.

“It represents a shared commitment to strengthening the capacity of government institutions and equipping officers with the tools required to contribute more effectively to the planning and implementation of development programmes across the state,” Mukoro said.

He commended Governor Sheriff F. O. Oborevwori for what he described as his emphasis on institutional strengthening, professional development and human capital development.

Mukoro also expressed appreciation to the Commissioner for Economic Planning, Mr. Sonny A. Ekedayen; the Permanent Secretary, Mr. Augustine Itawansa; the Director of Administration, Mr. Wilson O. Ukoso; other directors, heads of departments and officials of the Ministry for their support and confidence in UIDC.

The training team was led by Dr. Timothy Igbinosa, while Dr. Abiodun Farajimakin, Head of the ICAN Training Centre, Asaba, was also among the facilitators.

Among senior officials of the Ministry who attended the workshop were the State Director of Statistics and Head of the Statistics Department, Ms. Nkechi Maduemezia, and the Director of Administration, Mr. Wilson Ukoso, among others.

Financial analysis critical to sound decisions — Igbinosa

In the first module, titled “Fundamentals of Financial Analysis and Interpretation,” Dr. Igbinosa told participants that financial analysis was fundamental to making sound economic and financial decisions and avoiding costly mistakes.

He emphasised that the Delta State Government depended heavily on the professional capacity of officials responsible for financial and economic analysis to provide reliable information and objective advice for decision-making.

“The state government depends highly on you for financial analysis,” Igbinosa told the participants.

He identified access to reliable technology, accurate data and clearly defined performance metrics as some of the critical factors required to improve the quality of financial analysis.

According to him, financial analysis enables decision-makers to identify problems, evaluate available alternatives, make informed choices and subsequently monitor the outcomes of those decisions.

Igbinosa urged the participants to rely on credible and verifiable financial information when undertaking analysis, stressing that proper assessment must take into consideration the potential impact on beneficiaries, expected returns, cash flows and project risks.

He cautioned public officials against approving projects merely on the basis that such projects were intended to benefit members of the public.

“Do not approve projects simply because it benefits the public, but assess whether expected returns justify resources and risks,” he advised.

He explained that adopting such an approach would improve decision-making, strengthen risk management, promote better allocation of scarce resources, establish clearer performance metrics and ultimately enhance investor confidence.

Experts tackle spreadsheet risks, modelling

The second module, “Financial Modelling and Spreadsheet Application,” was delivered by Dr. Farajimakin, who took participants through good practices in financial modelling, workbook structure, model control and validation.

He also addressed issues surrounding the reduction of spreadsheet risks, highlighting the need for proper structure, controls and validation mechanisms in financial models used for planning and decision-making.

The emphasis on financial modelling is particularly significant for economic planners, as properly constructed models can assist government officials in evaluating different scenarios, forecasting outcomes and assessing the likely consequences of alternative policy and investment decisions.

The workshop is also coming on the heels of the Delta State Economic and Investment Summit, which sought to strengthen engagement with stakeholders, promote investment opportunities and improve resource allocation in pursuit of sustainable economic development.

Participants are expected to complete the training on Friday with two additional modules: “Financial Statement and Ratio Analysis” and “Applied Financial Modelling for Economic Planning and Decision Making.”

The organisers expressed optimism that the programme would strengthen the professional capacity of the Ministry’s workforce and contribute to more effective economic planning, project evaluation, resource management and policy formulation in Delta State.