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Abstract

The Nigerian construction industry (NCI) faces longstanding challenges such as contractual disputes, delays, cost overruns, and inefficiencies in traditional contract management and administration. The adoption of smart contracts (SCs) - self-executing agreements facilitated by blockchain technology, offers a potential solution to these challenges by providing transparency, security, and automation in contractual engagements. This research aimed to explore the benefits, challenges, and strategies associated with implementing SCs in the NCI. Through an extensive literature review and qualitative analysis involving virtual semi-structured interviews with 14 experienced construction professionals, and the thematic analysis of collected data upon saturation, using Nvivo software, the study identifies key benefits of SCs, including increased transparency, process automation, elimination of intermediaries, and improved cash flow management. Also, challenges such as resistance to change, low awareness levels, privacy and security concerns, technical hurdles, infrastructure deficits, and legal uncertainties were found to hinder the widespread adoption of SCs in the NCI. To overcome these obstacles, the research proposes a comprehensive framework encompassing six key strategies: education and awareness, government support and policies, stakeholder collaboration, risk mitigation measures, incremental implementation, and a supportive legal and regulatory environment. By addressing the identified challenges and implementing the recommended strategies, the NCI can leverage the potential of SCs in driving efficiency, transparency, and innovation in project delivery. The research can equip the industry stakeholders with a sound understanding, allowing them to make informed decisions regarding the implementation of SCs in the NCI. It will also inform the government as to the development potential that accrues to the construction sector and the economy at large.

Course: Construction Project Management - MSc - C1659

Date Deposited: 2025-01-16

URI/permalink: https://library.port.ac.uk/dissert/dis14664.html