PROJECT FINANCING: CHALLENGES AND THE WAY FORWARD.
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ABSTRACT
Project transport represents a dominant force in the transport industry in developing countries. It therefore stimulates growth and development. However, traditionally projects provision in developing countries has been the responsibility of government and the huge budget constraints over the years has made governments unable to effectively fund project infrastructural provision. This problem calls for paradigm shift in the provision of project infrastructure in Nigeria. Consequently, the study was articulated with the aim of exploring innovative ways of financing urban project projects in Nigeria. A quantitative enquiry to the study was adopted and subsequently, close-ended questionnaire was utilised in eliciting response from the major stakeholders in the project construction industry. The data was subjected to analysis using descriptive and inferential statistics. Based on the overall rankings the findings revealed that Construction management and Public private partnership are the modern or innovative project financing options frequently used in urban project projects. Accessible financing, Cost effectiveness, Improved quality of services among others are the drivers that somewhat push innovative project financing. The barriers identified to be significant were Contractual complexity, Unfavourable economic and commercial conditions, Corruption issues all having mean values greater than 3.50. Throughout the study it became apparent that most innovative financing projects in other infrastructure projects were awarded not on competitive basis. It is therefore recommended that innovative financing of urban projects be awarded on competitive basis to ensure value for money. Public engagement is necessary, especially with the affected communities. The study explores a relatively new area and consequently serves as the basis to spur future research.
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