One of the most common problems in the construction project delivery is delay. Projects can be delayed due to number of reasons that may be due to the client, the contractor, consultants, or a third party and may occur early or later in the project development. The objective of this study was to assess the major causes of delay, to evaluate the resultant effects of delay, to investigate the methods of minimizing delay in construction project and developing a model on the relationship between cost overruns and time overruns. This study was carried out based on literature review and questionnaire survey. The statistical tools employed in the analysis were bar charts; pie charts; percentages; mean score ranking. The degree of agreement among ranking was tested using the F-test. A total of thirty three causes of delay, seventeen resultant effects of delays and fifteen methods of minimizing construction delay were identified based on literature review. The questionnaire survey was distributed to the targeted respondent in Lagos, Nigeria construction industry. The objectives of the study have been successfully achieved hence the top most important factors that contributed to the causes of delay are financially related such as Financial/ Cash flow difficulties; Financial difficulties faced by contractors and public agencies and Failure to pay for completed works. Time overruns and cost overruns remained the most common effects of delays in construction projects. To minimize delays in construction projects it has been investigated that the top two most effective methods of minimizing construction delay includes: having a reliable sources of funding for the project and consistent payment of interim certificates as and when due. From the model developed it can be deduced that there is a significant relationship between cost overruns and time overruns. Based on the outcome of the findings recommendations were made.