Benefits of Adopting Value Management to Mitigate the Problems in the Nigerian Construction Industry

Most products of the construction industry have been procured by construction professionals mainly via design-bid-build and design-build procurement systems. Although the design-bid-build is commonly used in Nigeria, these procurement systems have not yielded much success in addressing the challenges of cost and time overruns, poor quality, poor communication, and lack of sustainability in the construction industry. However, there is no formal procedure for either public or private firms to implement any value-added technique in the Nigerian construction environment to address these problems. Hence, the need to explore the benefits of a value-added management strategy to mitigate the problems in the Nigerian construction industry. The paper, therefore, examines the benefits of value management to mitigate the problems of the construction industry in Nigeria. The paper, through document analysis, established the benefits and concept of value management, the problems in the Nigerian construction industry, and the potential of value management to mitigate the identified problems. The paper revealed that, the inability to identify client’s value system, poor communication, slow decision making, poor feedback mechanism, poor planning and scheduling, and cost and time overrun factors can be mitigated by analyzing and identifying project/stakeholders’ objectives, effective communication between multi-disciplines, and eliminating unnecessary construction costs. These benefits will enhance and improve the performance of the Nigerian construction industry.