To run its various projects more speedily with enhanced credibility at attracting funding, the International Fund for Agricultural Development (IFAD) is urging all stakeholders to embrace Interim Financial Reporting (IFR), the automated package evolved by the Livelihood Improvement Family Enterprises for Niger Delta (LIFE-ND).

IFAD and the Federal Government (FG) of Nigeria conceived $97.8 million valued LIFE-ND in 2019 with objectives to enhance income, food security and job creation for rural youth and women through sustainable agri-enterprise empowerment across the region. 

LIFE-ND experts, showcasing the IFR, overwhelmed participants with the financial automation system at the three-day (August 15-17) workshop organised in Abuja by IFAD Country Office, Nigeria.

In attendance were stakeholders from the three IFAD Assisted Projects in Nigeria; LIFE-ND, Value Chain Development Programme (VCDP) and Special Agro-Processing Zone (SAPZ), joined by participants from IFAD-Assisted Projects in English-speaking West and Central Africa nations, including Gambia, Liberia, Sierra Leone, and Ghana.

In the takeaway from the Abuja gathering, Mr. Matthew Erhima, Financial Controller, LIFE-ND noted, “In bid to reduce turnaround time for generating and rendering critical reports, the project finance team modified the IFR process that was adopted by the Project to finally automate the system.

“It’s been a fulfilling moment, and the LIFE-ND Project which has a target of producing 25,500 youths and women in agri-entrepreneurs stood tall and received great commendation from IFAD for this feat.”

He noted that IFAD takes financial reporting very seriously and does not fail to recognize any excelling project under its supervision, adding that the, “The value is to encourage others to improve on their processes and continuously take advantage of the system.”