In the guise of public finance initiative (PFI), public private partnership (PPPs) has become an integral part of national government policy in the delivery of public facilities and services. This paper aimed at perceptions of what makes PPP/PFI attractive or unattractive as a procurement system for projects in Nigeria. The study uses primary data while relevant factors were through review of literature. Survey responses were subject to statistical analysis using relative importance index (RII). From the analysis conducted PPP/PFI project procurement is perceived as most attractive in terms of positive factors relating to acceleration of project development, transfer of risk to the private sector, solves the problem of public sector project restraints, reduces public sector administrative cost and benefit to local economic development with RII of 0.72, 0.71, 0.69, 0.68, 0.67 with ranking as 1st ,2nd, 3rd, 4th and 5th respectively. Negative factors relating to much management in contract transaction, lengthy delays in negotiation, high participation cost, high project cost and lack of experience and appropriate skill makes PPP/PFI less attractive. In the project development process, the parties have to make decisions based on suitable evaluation criteria. At the early stage of preparing a business case, a clear and common understanding of the positive and negative factors surrounding PPP/PFI procurement will provide a more informed basis for decision making.