The Effect of PPP Financing Models on Project Sustainability in Nigeria: A Study of Lagos-Ibadan Expressway
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Background of the Study
PPP financing models are instrumental in driving infrastructure development in Nigeria. These models combine public and private resources to fund projects, enabling governments to leverage private sector expertise and capital. The Lagos-Ibadan Expressway, a critical transport corridor, is a prominent example of a PPP-financed project aimed at improving infrastructure and economic connectivity (Eze & Okafor, 2023).
Sustainability is a key consideration for PPP projects, encompassing economic viability, environmental responsibility, and social inclusivity. The choice of financing model significantly influences a project’s ability to achieve and maintain these sustainability goals (Adegbite & Oladipo, 2024).
This study investigates the impact of PPP financing models on the sustainability of the Lagos-Ibadan Expressway project.
Statement of the Problem
Many PPP projects in Nigeria face challenges related to sustainability due to poor financial planning, inadequate resource allocation, and misaligned incentives. For the Lagos-Ibadan Expressway, concerns persist about the long-term viability of its financing model and its capacity to deliver lasting benefits (Olowu & Usman, 2023).
Understanding the relationship between financing models and project sustainability is essential to improving outcomes for PPP projects in Nigeria.
Objectives of the Study
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To examine the PPP financing model used for the Lagos-Ibadan Expressway.
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To analyze the impact of the financing model on the project’s sustainability.
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To propose recommendations for improving PPP financing practices in Nigeria.
Research Questions
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What financing model is used for the Lagos-Ibadan Expressway?
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How does the financing model affect the project’s sustainability?
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What recommendations can improve PPP financing practices in Nigeria?
Research Hypotheses
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H₀₁: The financing model does not significantly influence the sustainability of the Lagos-Ibadan Expressway project.
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H₀₂: The current financing model is not effective in ensuring the project’s sustainability.
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H₀₃: Proposed recommendations do not significantly improve PPP financing practices.
Scope and Limitations of the Study
The study focuses on the financing model of the Lagos-Ibadan Expressway project, emphasizing its impact on sustainability. Limitations include restricted access to financial agreements and potential biases in stakeholder evaluations.
Definitions of Terms
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Financing Model: The structure and method of funding a project, including the roles and contributions of stakeholders.
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Sustainability: The ability of a project to maintain its operations, benefits, and impacts over time.
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Public-Private Partnership (PPP): A cooperative arrangement between public and private entities for project execution and funding.
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