THE IMPACT OF RISK MANAGEMENT STRATEGIES ON CONSTRUCTION PROJECT SUCCESS IN AKWA IBOM STATE, NIGERIA

This study examines the impact of risk management strategies on construction project success in Akwa Ibom State, Nigeria, using a descriptive survey research design. Data were collected from 217 construction professionals and 15 key informants to evaluate how core practices—risk identification, analysis, response planning, and monitoring—affect project outcomes in terms of time, cost, quality, and stakeholder satisfaction. Set against the backdrop of Akwa Ibom’s expanding construction industry, the study employed structured questionnaires and in-depth interviews. Quantitative data were analyzed with SPSS version 28, while qualitative data were thematically analyzed to capture broader insights. Findings revealed common risks such as material cost fluctuations, delayed fund disbursement, design errors, labour shortages, and political or regulatory interference. Mitigation measures included contingency budgeting, contractual risk transfer, and regular site meetings, with limited reliance on digital tools like Building Information Modeling (BIM). Results further showed a statistically significant positive relationship between the application of formal risk management strategies and project success. Notably, public sector projects tended to adopt structured risk protocols, while private sector projects showed more flexibility but less standardization. Key barriers to effective risk management included limited technical expertise, lack of formal frameworks, low digital adoption, and poor access to risk-related data. The study recommends institutionalizing risk management frameworks, enhancing professional capacity through training, adopting digital technologies, creating a central risk database, and embedding risk management education into academic curricula. By situating risk management within the socio-economic realities of Akwa Ibom State, the study offers practical insights for professionals, policymakers, and scholars seeking to improve project delivery and advance sustainable infrastructure development in similar contexts