ASSESSMENT OF RISK MANAGEMENT PRACTICE IN CONSTRUCTION PROJECT DELIVERY IN ABUJA NIGERIA

Risk management is a critical component of project success, and its practice in Nigeria faces a myriad of challenges. This study seeks to evaluate the challenges in risk management in the Nigerian context. The Nigerian business environment is characterized by regulatory and legal issues, political and economic instability, security concerns, and inadequate infrastructure, all of which pose significant risks to construction and other industries. Additionally, financial risks, contractual issues, quality control and safety concerns, and environmental compliance challenges further complicate risk management efforts. To address these challenges effectively, the study emphasizes the importance of enhancing regulatory compliance, promoting political and economic stability, investing in infrastructure development, and implementing robust security measures. Furthermore, the study underscores the need for effective contract management, financial risk mitigation, and quality control measures. Environmental compliance and supply chain resilience are also highlighted as essential components of risk management. The findings of this study are based on an extensive review of relevant literature, including academic research, government reports, and industry publications. The recommendations provided can serve as a foundation for construction companies and other stakeholders in the Nigerian business environment to develop comprehensive risk management strategies that account for the unique challenges they face. By addressing these challenges, businesses in Nigeria can improve project outcomes, reduce costs, and enhance their overall resilience in a complex and dynamic operating environment.