Background of the Study
Risk-sharing is a critical component of public-private partnerships (PPPs), ensuring that risks are allocated equitably between public and private parties. Effective risk-sharing promotes the sustainability and success of PPP projects by aligning incentives and mitigating potential losses (Olowu & Bello, 2023).
Eko Atlantic City, a flagship PPP project in Lagos, Nigeria, represents a bold initiative to address urbanization challenges and create a sustainable urban environment. The project involves significant financial, environmental, and operational risks that require careful allocation and management (Adeola & Usman, 2024).
This study examines the risk-sharing mechanisms employed in the Eko Atlantic City project, analyzing their impact on project outcomes and stakeholder satisfaction.
Statement of the Problem
PPP projects in Nigeria often suffer from ineffective risk-sharing arrangements, leading to disputes, project delays, and financial losses. For Eko Atlantic City, the complexity of the project heightens the importance of risk-sharing, yet limited research exists on the adequacy of its mechanisms (Okonkwo & Sani, 2023).
This gap underscores the need for a comprehensive analysis of risk-sharing practices to ensure the project’s long-term viability and success.
Objectives of the Study
To analyze the risk-sharing mechanisms employed in the Eko Atlantic City project.
To evaluate the impact of risk-sharing on project outcomes.
To propose strategies for improving risk-sharing practices in PPP projects.
Research Questions
What risk-sharing mechanisms are employed in the Eko Atlantic City project?
How does risk-sharing impact project outcomes in the Eko Atlantic City project?
What strategies can improve risk-sharing practices in PPP projects?
Research Hypotheses
H₀₁: Risk-sharing mechanisms do not significantly influence project outcomes in the Eko Atlantic City project.
H₀₂: The current risk-sharing practices are not effective in managing risks in the Eko Atlantic City project.
H₀₃: Proposed strategies for improving risk-sharing do not significantly enhance project outcomes.
Scope and Limitations of the Study
The study focuses on the risk-sharing mechanisms of the Eko Atlantic City project, with a broader implication for PPP practices in Nigeria. Limitations include difficulties in obtaining proprietary data on risk allocation and the potential bias of stakeholder evaluations.
Definitions of Terms
Risk-Sharing: The process of distributing risks among parties in a contractual agreement to minimize potential negative impacts.
Public-Private Partnership (PPP): A collaboration between government and private entities for project execution.
Project Outcomes: The measurable results of a project, including financial, operational, and social impacts.
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