Performance of construction projects is a crucial driver of economic growth and infrastructural development in Nigeria, but there is still a need for a tool that can accurately analyze construction project performance from the design stage through construction and completion. This study developed a performance model for building construction projects in higher institutions, Southwest Nigeria. Literature was reviewed to identify the previous performance measurement parameters and were classified into sixteen by pilot survey. Qualitative research approach was adopted and a structured questionnaire was administered to 394 project stakeholders and 297 (75.38%) were retrieved from respondents. Mean Score, Kuskal wallis test, analysis of variance and least significant difference post hoc test was used to determine the convergence and divergent views of the stakeholders. Factor analysis as data reduction method via principal component extraction was used to classify project performance into five categories. The study’s findings indicate that client satisfaction with the project (MS = 3.833), Construction time predictability (MS = 3.845) and construction cost predictability (MS = 3.832) were ranked as the top three performance index. From the result of the reliability analysis, project performance was loaded into five (5) integrated factors; construction management, stakeholder management, quality, cost and time performance indicators. It is hereby recommended that client satisfaction, accurate time estimate and good cost forecast should be considered when executing building construction projects to enhance performance. It is also recommended that attention should be given to the five integrated performance indices during construction of building projects to improve performance..