An Examination of the Financial Management of Large Infrastructure Projects in Nigeria: A Case Study of the Lagos-Ibadan Expressway Project
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Background of the Study
Large infrastructure projects play a critical role in economic development, fostering connectivity, trade, and investment opportunities. The Lagos-Ibadan Expressway, a major arterial road in Nigeria, has been central to national transportation, linking Lagos, the economic hub, to other regions. However, its financial management has been a contentious issue, characterized by delays, cost overruns, and misallocation of funds (Obi & Adetola, 2023).
Financial management in large infrastructure projects entails budgeting, fund allocation, and monitoring expenditures to ensure project goals are met efficiently. Despite the potential benefits of such projects, poor financial practices have led to inefficiencies in implementation (Nwankwo, 2024). This study investigates financial management practices in the Lagos-Ibadan Expressway project to identify challenges and propose improvements.
Statement of the Problem
The Lagos-Ibadan Expressway project has faced significant financial challenges, including inadequate funding, delayed disbursements, and cost escalations. These issues have resulted in prolonged construction timelines and compromised project quality (Afolabi, 2023).
This study examines the financial management practices of the Lagos-Ibadan Expressway project to identify inefficiencies and recommend strategies for improvement.
Objectives of the Study
- To assess the financial management practices employed in the Lagos-Ibadan Expressway project.
- To identify challenges affecting financial management in large infrastructure projects in Nigeria.
- To propose strategies for improving financial management practices in infrastructure projects.
Research Questions
- What financial management practices are employed in the Lagos-Ibadan Expressway project?
- What challenges affect financial management in large infrastructure projects in Nigeria?
- What strategies can enhance financial management practices in large infrastructure projects?
Research Hypotheses
- Financial management practices in the Lagos-Ibadan Expressway project are inadequate.
- Challenges in financial management negatively impact the timely completion of the project.
- Improved financial management practices can enhance the efficiency of infrastructure projects in Nigeria.
Scope and Limitations of the Study
The study focuses on the financial management of the Lagos-Ibadan Expressway project between 2023 and 2025. Limitations include restricted access to financial records and dynamic economic conditions.
Definitions of Terms
- Financial Management: Planning, organizing, and controlling financial resources to achieve project objectives.
- Infrastructure Projects: Large-scale public works such as roads, bridges, and railways.
- Cost Overruns: Expenses that exceed the original budget allocation for a project.
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