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Project Financing: Challenges And The Way Forward
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1.4 Aim and Objectives
The
aim of this study is to investigate the challenges of project financing
on construction projects in Akwa Ibom state and to examine ways of
mitigating project financing in Akwa Ibom State. The specific objective
includes:
1. To identify the sources of project finance.
2. To investigate the challenges of project financing in Akwa Ibom State.
3. To examine various ways of mitigating the challenges of project financing in Akwa Ibom State.
1.5 Scope of the Study
The
scope of the study is confined to identifying the challenges of project
financing in Akwa Ibom State and the way forward. The study is limited
to Akwa Ibom State. Target respondents for this study are the
professionals in the construction industry which include: Architects,
Quantity Surveyors, Engineers and Builders.
1.6 Significant of the Study
According
to UKCG (2009) the construction industry is a driver of growth in other
sector due to its heavy reliance on an extended and varied supply
chain. All other sector of the economy like manufacturing, education,
health, sport etc, depends on the construction industry for performance.
The
significance of this study to the construction industry is quite much
in terms of improving the performance of project execution and delivery
without abandonment. The study will be utilized by the government at
both Federal and the state levels in the area of providing sustainable
source of funding for government construction projects at all levels.
Government will be guided on the various challenges facing project
financing which often leads to delay or abandonment of construction
projects.
The study will be of great importance to the construction
industry by helping the investors, developers, clients, contractors and
stakeholders to source for a more sustainable funding option and to
avoid the various challenges facing construction project financing in
the construction industry. The construction industry will derive
benefits from the outcome of this study in the sense that there will be a
timely delivery of projects within the contract duration and the
pervasiveness of project delay and abandonment will be overcome.
Furthermore,
the undergraduates will find the study as a useful tool to further
learning and research and to other researchers whom may want to venture
into the same subject matter. Finally, it will serve as an additional
contribution to the existing body of knowledge which will be of immense
and great improvement to construction project execution and delivery in
the construction industry.
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