EVALUATION OF PUBLIC DEPOSITS AS ONE OF THE MEDIUM TERM FINANCING IN BUILDING CONSTRUCTION
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EVALUATION OF PUBLIC DEPOSITS AS ONE OF THE MEDIUM TERM FINANCING IN BUILDING CONSTRUCTION
Abstract
Public deposits serve as an essential source of medium-term financing in the building and construction sector, particularly in developing economies like Nigeria where access to long-term credit remains limited. This study evaluates the contribution of public deposits to the funding of building construction projects, analyzing their impact on cost efficiency, project completion, and capital sustainability. The research adopts a descriptive and analytical approach, relying on both primary and secondary data from building contractors, developers, and financial institutions. Findings reveal that public deposits, though often underutilized, play a significant role in bridging financial gaps in construction financing by providing flexible and low-cost capital compared to institutional borrowing. The study concludes that effective regulation, transparency, and policy incentives can strengthen the use of public deposits in construction financing, thus promoting economic growth and infrastructural development.
Chapter One: Introduction
1.1 Background to the Study
The building construction industry plays a pivotal role in national development by providing the infrastructure necessary for economic and social advancement (Ameh & Oke, 2017). However, financing construction projects remains a persistent challenge in developing nations due to limited access to affordable credit and stringent lending conditions imposed by financial institutions. Medium-term financing—typically ranging from one to five years—offers a solution to the liquidity challenges that contractors face during construction (Odediran et al., 2015). One major but often overlooked medium-term financing source is public deposits, which involve funds mobilized from the general public for use in investment activities under regulated conditions.
Public deposits are vital for financing small and medium-scale construction projects, especially where capital markets are underdeveloped (Eze & Okonkwo, 2019). Builders, estate developers, and contractors frequently rely on such deposits for working capital, procurement of materials, and project continuity. Nonetheless, the extent to which public deposits contribute to building construction financing and their associated risks remain underexplored in Nigeria.
1.2 Statement of the Problem
Despite the availability of various financing sources, the Nigerian construction industry continues to experience chronic underfunding, project abandonment, and cost overruns (Ayangade et al., 2019). The high interest rates associated with bank loans, combined with bureaucratic lending procedures, discourage many contractors. Public deposits could fill this financing gap, yet concerns about transparency, deposit security, and regulatory oversight hinder their adoption.
1.3 Objectives of the Study
The objectives are:
To evaluate the role of public deposits as a source of medium-term financing in building construction.
To identify the benefits and limitations of public deposits in project funding.
To assess the impact of public deposits on project performance and sustainability.
To recommend strategies for improving the utilization of public deposits in construction financing.
1.4 Research Questions
What is the significance of public deposits in financing building construction projects?
How do public deposits compare with other sources of medium-term finance?
What are the challenges affecting the use of public deposits?
How can public deposits be effectively managed to improve construction financing?
1.5 Significance of the Study
The study is significant to policymakers, financial institutions, and construction stakeholders as it highlights the potential of mobilizing idle public funds for infrastructural development. It also contributes to academic literature on alternative financing mechanisms in developing economies.
1.6 Scope of the Study
The study focuses on public deposits used to finance building construction projects within Nigeria, emphasizing their role as a medium-term financing source.
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