Impact of Strategic Planning on Corporate Governance in Nigeria
(a Case Study of Dangote Flour Mill Lagos)
CHAPTER ONE
Objective of the Study
The main objectives of this study is to examine the impact of strategic planning on corporate governance in Nigerian companies. Other specific objectives are as follows:
- To examine the effects of strategic planning on corporate governance.
- To determine whether strategic planning is a major determinant of operating efficiency of an organization.
- To determine how closely strategic planning has been adhere to in the institutions.
- To show the impact of environmental factors in planning, formulation and implementation.
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Introduction
Organizations are normally managed according to two types of management: strategic management (or planning) and operational management (or planning). Strategic planning is done by top managers and it defines the mission or purpose and the broad goals of the organization. Strategic planning ends in the development of strategic plans which is the elaboration of the strategic to include the basic mission of the organization, goals and objectives, a statement of expected results; the analysis of risks as well the planning for resources. A firm’s strategic plan is intended to identify the firm’s main business focus over a long period of time. The strategic plan is built on the mission statement which describes the firm’s primary goals.
An Overview of Dangote Flour Mill, Lagos
The Dangote group is one of the most diversified business conglomerates in Africa with a hard earned reputation for excellent business practices and products quality with its operation headquarters in the Brustling Metropolis of Lagos, Nigeria in West Africa.
The group’s activities encompass:
- Cement-manufacturing/importing
- Sugar-manufacturing and refining
- Salt-refining
- Four-semolina-milling
- Pasta-manufacturing
- Poly products-manufacturing
- Logistics-port management and Haulage
- Real estate
- Dangote foundation
Since inception the group has experienced phenomenal growth on account of quality of its food and services, its focus on cost leadership and efficiency of its human capital. Today, Dangote Group is a multibillion Nigeria company poised to reach new height, in every endeavour competing with its self to better the past.
The groups core business focus is to provide local, value added products and services that meet the business needs of the populace. Through the operation of large scale manufacturing facilities in Nigeria and across Africa, the group is focused on building local manufacturing capacity to generate employment and provide goods for the people.
CHAPTER THREE
RESEARCH METHODOLOGY
Introduction
The research methodology in any study reflects the nature of the subject under study. Thus, this chapter concentrates on the sources and methods of data collection and how these data are analyzed so as to arrive at a conclusion. It also states the population of the study, sample and sampling techniques as well as research design.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
Introduction
This chapter is devoted to the presentation and analysis of the data collected from the management and employees of Dangote Flour Mill, Lagos. The researcher is doing this made used of tabulation of data and its subsequent analysis using percentage and the second techniques of chi-square method was equally used to set the hypothesis. The researcher drafted questionnaires which are in consonance with study’s hypothesis and the questionnaire were distributed to both management and employees of the institution of which (40) questionnaires were returned and six (6) questionnaires were retained.
CHAPTER FIVE
SUMMARY, CONCLUTION AND RECOMMENDATION
Summary of Findings
This study, judging from the various computation analysis and findings, the results revealed some pertinent fact from which has to be itemize which are as follows;
- It was strongly believed that there has been a significant relationship between non-financial incentives e.g job satisfaction and work environment.
- It was agreed that tribal and religious sentiments do contributes to conflict in an organization.
- It was true that an effective strategic planning affects corporate performance.
- It was also observed that strategic planning is not a major determinant of operating efficiency of an organization.
Summary of the Study
This study examined the impact of strategic planning on corporate governance and survival, which focused on Dangote Flour Mill Lagos. The main objective of this study is to re-evaluate the planning performance relationship in organization and determine the extent to which strategic planning affects performance in an organization.
The research work is divided into five chapters: Chapter one examines background to the study, statement of the problem, objectives of the study, statement of hypothesis, significance of the study, scope and limitation of the study, definition of key terms and organization of work.
Chapter two reviews the relevant literature related to the topic of the study. Chapter three is focused on research methodology among which are, research design, and area of the study, sources and method of data collection, population of the study, sample and sampling techniques, and method of data analysis.
Chapter four covers data presentation and analysis. Chapter five being the last chapter of the research covers summary of findings, summary of the study, conclusion, and suggestions for further research, recommendations, bibliography and questionnaire.
Conclusion
The researcher tested two hypotheses, it is based on this hypothetical test that the conclusion of this research is drawn. The objective of this study was to determine the impact of strategic planning on corporate performance. In carrying out this work, attempt was made of examining the effective of strategic planning in an organization and living its importance on corporate performance.
It was found out that the methods by which companies formulated and implement their strategic and the problem that are encountered in the course of formulating and implementing the strategies are similar and in formulating strategic planning of an organization the internal and external factors must be put into consideration.
The importance of strategy formulation and its implementation to companies as the means of survival and profitability has also been mentioned as part of the research findings of this study. This project serves as a source of impact to our company to accelerate the industrial growth of the country.
Suggestion for Further Research
It is hope that other students, groups or organizations will be inspired by the research to carry out more extensive work on the topic. In addition, further studies could be investigated on the strategic planning in various organizations. This will give the students, groups and organizations an extensive knowledge on the strategic planning.
In order to improve further studies, it is suggested that a more reliable text books and current journals in the subject matter should be received.
Recommendation
In the light of the research findings and conclusion above, the researcher hereby recommends the following suggestions for a crisis free work environment, where both the employer and the employee see each other as stakeholders in the survival, growth and development of the organization.
- Employers of labour in the organization should provide a good condition of services and work for its workforce/emphasis also must be on non-financial incentives.
- Payment of competitive wages as salaries within the organization is necessary.
- Adhere by all parties to laid down grievance/dispute procedures and collective bargaining techniques is recommended.
- There should be free-flow of information between management and employees, lack of communication gap should be avoided.
BIBLIOGRAPHY
- Ansoff, H.I. (1997): Corporate Strategy. London: Pengum Books.
- Asika, N. (2004): Research Mehodology In The Behavioral Science. Nigeria: Longman.
- Aworemi, Oyedokun, J. A. and Ogunsiji A.S. (2007). Reading In
- Strategic Management Emerging Perspective, 1st Edition. Abuja: Roots Books and Journal Nigeria Limited.
- Bourgeois, L.J. (1985): Strategic Environment. A Conceptual
- Intergration. Boston: MC –Graw-Hill Book Coy.
- Cameron, K. and Whetton. (1993): Organization and Effecttiveness. A Compansion of Multiple Mode New York: Academic Press.
- Chisnal Peter, M. (2001): Marketing Research Analysis And Measuring. Boston: MC-Graw-Hill Book Coy.
- Gluck, F. (2001): Strategic Management. An Overview In Handbook Of Strategic Planning. New York: John Wiley And Sons.
- Harper, W.M. (1997) Statistic Analysis. London: MC. Donalds Evans Ltd.
- Hussy, D. (1998): Strategic Management From Theory To Implementation, Fourth Edition. Heineman: Oxford Butter Wood.
