The Role of Financial Management in Managing Infrastructure Projects: Evidence from Lagos State Government
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Background of the Study
Infrastructure development is crucial for economic growth and social development. Effective financial management plays a vital role in ensuring the successful execution of infrastructure projects, particularly in Lagos State, which is Nigeria's commercial hub. The Lagos State Government has undertaken numerous large-scale projects, including road networks, bridges, and urban renewal initiatives, requiring substantial financial planning and management (Igbokwe, 2023).
This study explores the role of financial management in managing infrastructure projects in Lagos State, emphasizing budgetary control, risk management, and resource allocation strategies.
Statement of the Problem
Despite substantial investments in infrastructure, many projects in Lagos State experience delays, cost overruns, and quality issues due to poor financial management practices (Olowe & Ekanem, 2024). Inefficiencies in resource allocation and challenges in budgetary control undermine project outcomes, raising concerns about accountability and sustainability.
Existing research has not sufficiently analyzed the financial management practices specific to Lagos State's infrastructure projects, necessitating a focused study to provide actionable insights.
Objectives of the Study
- To analyze the role of financial management in the successful execution of infrastructure projects in Lagos State.
- To identify challenges in financial planning and management for infrastructure projects.
- To propose strategies for improving financial management practices in infrastructure development.
Research Questions
- What is the role of financial management in the success of Lagos State infrastructure projects?
- What challenges affect financial planning and management for these projects?
- What strategies can enhance financial management practices in Lagos State infrastructure projects?
Research Hypotheses
- Effective financial management significantly improves infrastructure project outcomes in Lagos State.
- Financial planning challenges adversely affect the execution of infrastructure projects.
- Improved financial management practices enhance project success and sustainability.
Scope and Limitations of the Study
This study focuses on infrastructure projects undertaken by the Lagos State Government between 2023 and 2025. Limitations include access to detailed financial records and external economic factors affecting project execution.
Definitions of Terms
- Financial Management: The strategic planning, organizing, and controlling of financial resources.
- Infrastructure Projects: Large-scale public works, such as roads, bridges, and utilities, aimed at improving societal welfare.
Budgetary Control: The process of monitoring and managing expenditure within approved budgets.
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