Veritatis Gaudium: Multidisciplinary Journal of Postgraduate Studies

The Nigerian construction industry faces significant challenges hindering its growth and development, categorized into economic, institutional, human capital, technological, and industry-specific dimensions. Economically, the industry's reliance on imported materials exposes it to exchange rate volatility and high import duties, escalating project costs. High-interest rates and stringent collateral requirements limit SMEs' access to credit. Insufficient government funding and delayed disbursements disrupt project timelines and cause cash flow issues. Corruption is pervasive, leading to inflated costs, reduced quality, and unfair competition. Human capital deficits exist among professionals and artisans, causing poor workmanship and safety concerns. Technological adoption is hindered by limited awareness, resistance to change, unreliable internet, power outages, and high upfront investment costs for digital tools like BIM and prefabrication. Risk management shortcomings contribute to cost overruns and delays. Inadequate supervision and quality control lead to specification deviations and poor output. Planning and management weaknesses include inadequate studies, unrealistic planning, and poor digital infrastructure investment. Addressing these challenges requires a multifaceted approach: developing vocational training and professional development; upgrading transportation and power infrastructure; encouraging modern technology adoption through incentives and digital investment; and improving regulatory enforcement, transparency, and accountability. By tackling these issues, the Nigerian construction industry can unlock its potential, drive economic growth, and deliver quality infrastructure meeting population needs. Implementing these strategies can enhance efficiency, reduce costs, and foster a favorable business environment, ultimately contributing to Nigeria's economic development.

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