Effect of financing on project delivery delay of construction projects in Nigeria

Abstract

Delay in construction project delivery has been an issue of great concern to many construction projects in Nigeria and on the global scale. Construction project delivery delays have been mostly linked to ineffective access to project financing as a lifeline of construction project delivery. Therefore, this study determined the effect of construction project financing on delivery of construction projects in Nigeria. Primary data was collected using adapted structured questionnaire administered to construction project stakeholders. The data collected was analyzed using regression and correlation analyses with the aid of SPSS. Findings of the study revealed that project financing factors (source of finance, new financing arrangement) have significant positive impact on project delivery delay. Therefore, to realize successful projects without delays, adequate financing is required through many available and affordable construction project financing options. The work recommended that adequate policies that could improve access to cost effective project financing be developed and implemented in the public and private sectors for an effective construction project delivery.