ASSESSMENT OF SYSTEMATIC RISK MANAGEMENT PRACTICES ON BUILDING CONSTRUCTION PROJECTS IN NIGERIA

Purpose: The purpose of this study is to examine the prevailing risk management practices in building construction project delivery within the Nigerian construction industry, considering its significance in economic value creation, employment generation, and GDP contribution.  Design/methodology/approach: Quantitative data were obtained through questionnaire survey. Purposive sampling was adopted and data was collected using close ended questionnaire that were self-administered. 117 questionnaires were distributed and 61 were received, filled and used for the analysis. Descriptive statistics was used to analyse the data collected using statistical package for social science (SPSS V29). Respondents were chosen from one construction firm each classified under the highest building construction class. Findings: The study revealed that risk management in construction projects is not systematically, deliberately, proactively, or continuously implemented. Instead, risks are addressed in an ad hoc manner, deviating from internationally recognised risk management standards/best practices. This highlights weaknesses within project management practices in Nigeria.Research limitations/Implications: Limitations of this research include the focus on a specific segment of the construction industry in Nigeria and the reliance on data from Building construction firms, which may not fully represent the entire industry. However, the implications of these findings underscore the need for enhanced risk management practices in construction project delivery to ensure value for money. Practical implications: The study suggests that project managers within construction firms in Nigeria would benefit from comprehensive training and knowledge in internationally recognised systematic risk management practices. Implementing such practices could lead to better project outcomes and increased efficiency in resource utilisation.  Originality/value: This study contributes to the existing literature by shedding light on the current state of risk management practices in the Nigerian construction industry. By highlighting the deficiencies and advocating for improved risk management methodologies, the research emphasises the importance of aligning project management practices with international standards to enhance project success and economic development.