Evaluation of Risk Management Practices in Building Projects Executed by State Contractors in Oyo State

Effective risk management is essential for protecting project objectives from the diverse uncertainties inherent in construction. This study evaluates the risk management practices employed by state-registered contractors in building projects in Oyo State. A quantitative survey was adopted, with 80 contractors and quantity surveyors forming the respondent pool. Structured questionnaires and review of project insurance and risk documentation provided the data. Analysis used descriptive statistics, mean item scores, and factor analysis. Findings reveal that most state contractors in Oyo rely on reactive rather than proactive risk management, with formal risk registers used by fewer than 22% of firms. Financial risks, particularly material price escalation and payment delays, are identified as the most significant risks to project performance. The study finds that contractors with access to experienced quantity surveyors demonstrate superior risk identification and mitigation planning compared to those without. Insurance uptake is partial, with many firms lacking performance bonds, contractor all-risk insurance, or public liability cover. Recommendations include mandatory risk management plans for government-funded projects, risk management workshops facilitated by NIQS and the Master Builders Association of Nigeria, and a tiered insurance requirement framework based on project value. This research enhances the risk management literature for the South West geopolitical zone. Keywords: risk management, building projects, Oyo State, contractors, construction risk