Risk Management Practices in Nigeria

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (), Lukman O. Oyewobi () and Douglas O. Aghimien
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Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 3 in Risk Management Practices in Construction, 2023, pp 21-32 from Springer

Abstract: Abstract A construction project often necessitates the participation of a large number of individuals with varying skill sets, as well as the coordination of a wide variety of distinct but linked tasks. The particular characteristics of a project and other numerous external uncertainties add to its complexity. With this, construction projects experience cost overruns, delayed schedules, and poor quality due to numerous risks the projects are exposed to at every stage of planning and execution. This chapter examined how risk is managed in Nigeria. In view of that, this study revealed that risk management practice is low and ineffective in most developing nations of the world, and Nigeria is not exempted. This was majorly due to the lack of knowledge on risk management by parties involved in the construction project. This chapter also looked into the best and most effective risk management practices worldwide, which can be used to effectively manage risks in the Nigerian construction industry.

Keywords: Construction risk; Project delivery; Project management; Project risk; Risk management; Risk planning (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35557-8_3

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DOI: 10.1007/978-3-031-35557-8_3

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