Construction projects result in the generation of wastes, which can be broadly classified into physical and non-physical wastes. Non-physical wastes present a different challenge than physical waste due to their intangible nature. This study focuses on understanding the importance of the classical Lean Construction (LC) wastes and their degree of influence on the Transformation-Flow-Value (TFV) aspects of construction projects using empirical data. A structured questionnaire was designed and completed by 60 participants from the public and private sectors in Nigeria and analyzed using the Relative Importance Index (RII). The statistical analysis indicated that ‘Making-Do’ is the most critical non-physical waste during the transformation process of construction, followed closely by ‘Non-Utilized Talent’. ‘Waiting’ and ‘Transportation’ are the two most essential aspects in the flow aspect of construction, while ‘Overproduction’ is the most crucial waste category affecting the value aspect of construction. The findings of this study can be used for improving the productivity of construction projects by focusing on techniques to reduce the most critical non-physical wastes.