IJSSCM IJSSCM IJSSCM IJSSCM | 31 31 31 31 International Journal of Social Sciences and Conflict International Journal of Social Sciences and Conflict International Journal of Social Sciences and Conflict International Journal of Social Sciences and Conflict Management Management Management Management ISSN ISSN ISSN ISSN: : : : 2536 2536 2536 2536-7234 (Print) : 2536 7234 (Print) : 2536 7234 (Print) : 2536 7234 (Print) : 2536-7242 (Online) 7242 (Online) 7242 (Online) 7242 (Online) Volume Volume Volume Volume 4, Number , Number , Number , Number 3, September, 3, September, 3, September, 3, September, 201 201 201 2019 http://www.casirmediapublishing.com http://www.casirmediapublishing.com http://www.casirmediapublishing.com http://www.casirmediapublishing.com A FRAMEWORK FOR THE MAN FRAMEWORK FOR THE MAN FRAMEWORK FOR THE MAN FRAMEWORK FOR THE MANAGEMENT OF CONSTRUCTION AGEMENT OF CONSTRUCTION AGEMENT OF CONSTRUCTION AGEMENT OF CONSTRUCTION COST COST COST COST ESCALATION IN ECONOMIC DOWNTURN IN NIGERIA ESCALATION IN ECONOMIC DOWNTURN IN NIGERIA ESCALATION IN ECONOMIC DOWNTURN IN NIGERIA ESCALATION IN ECONOMIC DOWNTURN IN NIGERIA I.M. Oyemogum I.M. Oyemogum I.M. Oyemogum I.M. Oyemogum 1 1 1 1 ; ; ; ; D.T. Dabwor D.T. Dabwor D.T. Dabwor D.T. Dabwor 2 2 2 2 & S. Aboh S. Aboh S. Aboh S. Aboh 1 1 Department of Building, University of Jos 2 Department of Economics, University of Jos Email Email Email Email: egooye@yahoo.co.uk ABSTRACT ABSTRACT ABSTRACT ABSTRACT Cost management functions to monitor costs and initiate corrective action to keep the costs within budget. Construction cost management act as a discipline medium throughout the life cycle of an infrastructural development for effective and efficient procurement process. Construction cost escalation in economic downturn is influenced by lagging economic indicators of GDP, inflation, foreign exchange rate, interest rate, unemployment rate, balance of trade, corporate profit and income and wages. Economic downturn in Nigeria and its impacts on construction cost escalation has become a major problem to both the public and private sector, contractors and clients, as this has resulted in the increase in number of abandoned or delayed projects, difficulty in achieving cost estimates, increase in dispute arising from contractual arrangement and loss of jobs by construction workers which has made developers hesitant to enter into construction contracts in which they cannot manage the long-term impact their investment (Savills, 2016). The overall impact of construction project cost management is to achieve value for money and provide an affordable infrastructural facility. This paper aims to propose a framework for the management of construction cost escalation in economic downturn. Key words: Key words: Key words: Key words: Economic downturn, construction cost escalation, construction cost overruns, construction cost, Management and construction cost management framework. INTRODUCTION INTRODUCTION INTRODUCTION INTRODUCTION The construction industry is a major consumer of capital resources by virtue of the magnitude, complexity and nature of the works it executes. Due to dwindling resources as a result of economic downturn, it is imperative to manage construction cost with the aim of formulating management framework or mechanism including innovations to minimise the impact of economic downturn on construction project delivery in Nigeria (Eichengreen, 2010). Abimbola, (2017) asserted that construction cost estimate is becoming difficult to achieve as the cost of construction consistently maintains an upward trend as a result of economic downturn. Nicholas (2012), also corroborated that economic downturn is the scarcity of funds and the high cost of accessing funds, which is worsened in Nigeria’s circumstances by the decrease and fluctuation in the value of naira against dollar/pounds leading to a high cost of construction and difficulty in managing construction project cost. Economic downturn has a direct impact on construction cost escalation by creating uncertainty in construction cost estimates, building market loosing patronage, the contraction of investment activity and loss of job by construction workers with long term implications on the national economy (Al-amin, 2017). This study used structured questionnaires and publications to solicit for information from construction industry professionals with experience of not more than 3 years in the industry in order to assess the scale of construction cost escalation in economic downturn and develop a