Government Policies on Construction Industry Stakeholders’: Key Constraints and Effect Indices

Government operates through policies to resolve pressing issues and stimulate the economy. These policies have become increasingly central in recent discussions among construction industry stakeholders. Yet, contrasting perspectives continue to emerge within the industry from experts. Therefore, this study analyzes the key constraints and effects indices of diverse government policies on construction industry stakeholders. Employing a quantitative method approach, the research utilized a survey design with 138 respondents as the sample size from a total population of 213, using random sampling techniques and structured questionnaires as data collection instruments. Analysis of the data indicated that fuel subsidy removal, naira devaluation/floating, and exchange rates are the major key constraint policies, with effect indices of 3.93, 3.38, and 3.25, and a total average effects index of 2.95, which is above the minimum threshold figure on the significance scale. The findings show that there is no significant difference among all construction stakeholders on the effect of those policies on the industry. Furthermore, this indicates that such effects may increase as these policies continue to not meet the industry's needs and challenges, as stated by contingency theory. In conclusion, government policies should always be tailored towards improving all sectors of the economy by involving all stakeholders in various segments of the economy when conceptualizing policies, in order not to deter contributions made to the GDP by SMEs and foreign investors in developmental projects across the country.