TITLE:
Impact of Project Cost Control on the Financial Performance of the Nigerian Construction Industry: A Qualitative Approach
AUTHORS:
Abani Joseph Alu, Taiwo Adewale Muritala, Frank Alaba Ogedengbe, Nasamu Gambo, May Ifeoma Nwoye
KEYWORDS:
Project, Cost Control, Financial Performance, Nigeria, Construction Industry
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.4,
July
31,
2024
ABSTRACT: The success of any construction project largely depends on the ability to manage project costs effectively. However, cost control in the Nigerian construction industry is characterized by numerous issues such as inadequate planning, poor communication, lack of accountability, and corruption. This conceptual review aims to examine the current state of project cost control in the Nigerian construction industry, identify the key factors affecting cost control, and provide insights into possible solutions to these challenges. The Nigerian construction industry has been plagued with cost overruns, delays, and poor project performance, which have led to a significant waste of resources and financial loss. The findings of this review will be useful to stakeholders in the construction industry, including project managers, policymakers, and researchers, and will help to improve the cost management practices in the Nigerian construction industry. The study reveals that ineffective cost control strategies, poor project planning, and inadequate monitoring and control systems are major issues affecting project cost control in Nigeria. The review also highlights the need for a shift towards more proactive and integrated cost control approaches, as well as the adoption of emerging technologies in project cost control. Ultimately, this study provides valuable insights into the challenges faced by project managers in controlling project costs in the Nigerian construction industry and offers recommendations for improving project cost control practices.