Strategic Planning and Organizational Performance in Selected Commercial Banks in Lagos State

This study examines the relationship between strategic planning practices and organizational performance in selected commercial banks in Lagos State, Nigeria. The banking sector in the South West geopolitical zone has witnessed intense competition and regulatory reforms over the last five years, making strategic planning a critical determinant of survival and growth. The study adopts a descriptive survey design, targeting branch managers and strategy officers across ten purposively selected banks in Lagos metropolis. A structured questionnaire was used to collect primary data from 120 respondents, while secondary data were drawn from annual reports published between 2020 and 2024. Data analysis was conducted using descriptive statistics and Pearson correlation. Findings indicate that banks with formalized strategic planning processes demonstrate significantly higher returns on equity and customer retention rates compared to those with informal planning approaches. The study further reveals that middle management involvement in strategy formulation is a key predictor of effective implementation. The research concludes that commercial banks in Lagos must institutionalize structured strategic planning frameworks to remain competitive in an increasingly digitalized financial landscape. Recommendations include periodic strategic reviews, stakeholder alignment workshops, and investment in strategy execution monitoring tools. Keywords: strategic planning, organizational performance, commercial banks, Lagos State, strategy formulation.