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The Impact of Government Accounting on Risk Management in Nigerian PPP Projects: A Case Study of Lagos State Public Works Corporation

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Background of the Study

Public-Private Partnerships (PPPs) in Nigeria have become increasingly prevalent in infrastructure projects, particularly in sectors such as road construction, public works, and transportation. The Lagos State Public Works Corporation (LSPWC) is a key player in managing public works, including road repairs, drainage systems, and environmental management. The collaboration between the Lagos State government and private contractors through PPP arrangements is aimed at addressing the growing infrastructure needs of the state (Sulaimon & Yusuff, 2023).

Effective risk management is crucial to the success of PPP projects, as it ensures that potential financial, operational, and environmental risks are identified and mitigated. Government accounting plays a pivotal role in managing these risks by providing transparent and accurate financial records, ensuring that both public and private sector participants are aware of financial obligations and potential liabilities. This study focuses on the role of government accounting in risk management within Lagos State PPP projects, with a particular emphasis on the LSPWC’s initiatives and projects.

Statement of the Problem

Risk management in PPP projects is often undermined by inadequate accounting practices, lack of transparency, and poor monitoring of financial transactions. In the case of Lagos State PPP projects, such weaknesses have sometimes resulted in cost overruns, delays, and disputes between public and private sector stakeholders (Okoh & Olaniyan, 2024). Government accounting systems that are robust and transparent can significantly mitigate these risks by ensuring proper documentation, monitoring, and accountability.

This study aims to evaluate how government accounting contributes to effective risk management in Lagos State PPP projects, focusing on the LSPWC, and to identify areas where accounting practices can be improved to enhance risk management strategies.

Objectives of the Study

  1. To examine the role of government accounting in managing risks in Lagos State PPP projects, specifically those managed by the LSPWC.
  2. To assess how government accounting practices contribute to effective risk management in public works projects.
  3. To identify challenges in risk management and suggest improvements in government accounting practices to mitigate these challenges.

Research Questions

  1. How does government accounting contribute to risk management in Lagos State PPP projects?
  2. To what extent do government accounting practices enhance the identification and mitigation of risks in PPP projects managed by the LSPWC?
  3. What are the key challenges in managing risks in Lagos State PPP projects, and how can government accounting help address them?

Research Hypotheses

  1. Government accounting significantly contributes to risk management in Lagos State PPP projects.
  2. Effective government accounting practices improve the identification and mitigation of risks in Lagos State public works projects.
  3. Inadequate risk management in Lagos State PPP projects can be addressed through improvements in government accounting systems.

Scope and Limitations of the Study

This study focuses on the role of government accounting in risk management within Lagos State’s PPP projects, specifically those managed by the LSPWC, from 2010 to 2025. The study will assess financial records, risk management reports, and other relevant documents. Limitations include potential difficulty in accessing detailed financial reports and limited data on private sector involvement in risk management.

Definitions of Terms

  • Public-Private Partnership (PPP): A partnership where the public sector collaborates with private entities for the development, management, and operation of infrastructure projects.
  • Risk Management: The identification, assessment, and prioritization of risks, followed by the application of resources to minimize, monitor, and control the probability and impact of unforeseen events.
  • Government Accounting: The process of managing public sector financial transactions, ensuring transparency, accuracy, and accountability in financial reporting and operations.
  • Lagos State Public Works Corporation (LSPWC): A government agency in Lagos State responsible for managing public works, including road repairs and maintenance, drainage, and environmental management.




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