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Risk Management Practices in Nigeria

In: Risk Management Practices in Construction

Author

Listed:
  • 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)

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.

Suggested Citation

  • Ayodeji E. Oke & Pelumi E. Adetoro & Seyi S. Stephen & Clinton O. Aigbavboa & Lukman O. Oyewobi & Douglas O. Aghimien, 2023. "Risk Management Practices in Nigeria," Springer Books, in: Risk Management Practices in Construction, chapter 0, pages 21-32, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-35557-8_3
    DOI: 10.1007/978-3-031-35557-8_3
    as

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