Abstract
Performance analysis of small and medium-sized construction firms in Oyo State, Nigeria
Highlights
The dynamic role of small and medium enterprises (SMEs), as engines whereby the growth objectives of developing countries can be achieved, has long been recognised (Chilipunde, 2007: 1)
The findings established that 40.0% of the small construction firms are owned as sole proprietorship and that 55.6% of the medium-sized firms are owned as Limited Liability Company
The value of projects executed by the small construction firms ranged between N1 million and N50 million, while those of medium-sized construction firms ranged between N51 million and N100 million
Summary
The dynamic role of small and medium enterprises (SMEs), as engines whereby the growth objectives of developing countries can be achieved, has long been recognised (Chilipunde, 2007: 1). Small and medium-sized construction firms have the potential to enhance any nation’s growth and development, because they contribute to wealth creation, value re-orientation, job creation, and poverty eradication (Ariyo, 2008: 109; Ilori, 2017: 2). It is the usual practice that ‘white elephant projects’ are awarded to big/large construction firms that are mostly owned by foreign investors (Mitrofanova, Russkova, Batmanova & Shkarupa, 2015: 274). This scenario has not enabled the potential of small and medium-sized construction firms to be explored in terms of global competitiveness. There is still a lack of empirical evidence on the possible correlation of construction firm size to project performance that could enable the apportionment of performance criticism of the construction industry to small and medium-sized firms
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