CORPORATE PLANNING AND ORGANIZATIONAL PERFORMANCE:
A STUDY OF INSURANCE FIRMS IN NIGERIA

ENWEAZU, Onyeunoegbunem Calyxtus
Department of Business Administration
Faculty of Management Sciences,
University of Lagos, Lagos Nigeria
OKONJI, Patrick Sunday
Department of Business Administration
Faculty of Management Sciences,
University of Lagos, Lagos Nigeria
OLAYEMI, Olufemi Olabode
Department of Business Administration
Faculty of Management Sciences,
University of Lagos, Lagos Nigeria
ABSTRACT
The post COVID challenges coupled with growing globalization and intense local competition have
attracted renewed interest in corporate planning. Planning plays a vital role in organisation’s results,
because it helps identify the path a company intends to move along and how the company will get there.
The research study investigated how corporate planning can impact on the performance of organizations
with reference to five selected Insurance Companies in Lagos. A descriptive survey design was adopted in
this study. Relevant data was obtained through the questionnaire and a convenience sampling technique
was used to draw a sample of three hundred and seventy-two (372) respondents comprising employees of
the selected Insurance Companies in Lagos State, Nigeria. Data were analyzed using the Frequency
Distribution and percentages. The Simple linear regression and Multiple regression analysis were adopted
in testing the hypotheses. Findings revealed that Corporate Planning enables achievement of
organizational goals as well as enhances organizational competitiveness. The study concluded that
planning is a strategic tool for positively influences organizational outcomes. The study recommends that
since environmental factors are ever-changing, managers make plans flexible and open for adaptation and
change.
Keywords: Corporate planning, organizational objectives, competitiveness, innovation, organizational
performance