The challenges of access to local finance for PPP infrastructure project delivery in Nigeria

Muhammed Temitayo Bolomope · Kwasi Gyau Baffour Awuah · Abdul‐Rasheed Amidu · Olga Filippova

27 citations0/0 files storedJournal of Financial Management of Property and Construction

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Public-Private Partnership Projects International Development and Aid Fiscal Policy and Economic Growth

Abstract

Purpose This study explores the challenges of access to finance from local financial institutions (LFIs), i.e. local banks, for public–private partnership (PPP) infrastructure project delivery in Nigeria. The aim is to provide useful insights that could inform policy solutions to ease the local funding of PPP infrastructure projects in Nigeria and, by extension, other developing economies. Design/methodology/approach Adopting a qualitative research methodology, the study engaged PPP stakeholders involved in securing funds for PPP infrastructure projects in Nigeria. A total of 15 PPP stakeholders, drawn from the public and private sectors, were purposively selected and their views on the research problem obtained through recorded telephone interviews. The opinions of the research participants were subsequently analyzed and the results discussed with the outcome of the examination of relevant literature. Findings The study found that the significant factors affecting access to local finance for PPP infrastructure projects in Nigeria include low capital base by LFIs, weak project viability, lack of capacity to manage PPP-related activities, inconsistent government policy, poor legal framework and public perception of PPP. Research limitations/implications Insights from this study are useful for PPP stakeholders in mitigating the barriers that influence access to local finance for PPP infrastructure projects in Nigeria and other developing economies. This study is also useful in enhancing the current policy structure in developing countries as a way of revamping the existing infrastructure framework through LFIs. Originality/value This study provides clarity on the peculiar challenges impeding access to finance from LFIs for PPP infrastructure projects in Nigeria and will be useful for debt providers and policymakers in evaluating the bankability of PPP infrastructure projects in Nigeria and other developing countries.

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References

2006Using thematic analysis in psychology 2004The allocation of risk in PPP/PFI construction projects in the UK 2005Critical success factors for PPP/PFI projects in the UK construction industry 2014Five Qualitative Approaches to Inquiry 2015Cross-country comparisons of key drivers, critical success factors and risk allocation for public-private partnership projects 2006Determinants of Public-Private Partnerships in Infrastructure 2012Critical success factors in public‐private partnership (PPP) on infrastructure delivery in Nigeria 2010Comparative performance of PPPs and traditional procurement in Australia

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