Strategic Planning and Organisational Performance of the Federal Mortgage Bank of Nigeria: The Role of Goal Formulation and Environmental Scanning

Abstract

Despite the increasing academic focus given to strategic planning in Nigerian financial establishments, there appears to be limited empirical findings that establish the unique effect of the various dimensions of strategic planning on operational efficiency outcomes in a Nigerian public apex mortgage institution. This study investigated the effect of goal setting and environment scanning on the operational efficiency of the Federal Mortgage Bank of Nigeria. Based on the Resource-Based View of the firm and the Balanced Scorecard performance measurement model, this study employed a quantitative research design with a cross-sectional survey approach. The primary data were obtained from 287 valid respondents identified out of the administrative census population of 352 Management and Professional staff using an online structured questionnaire administered to the entire population of the study. Hypotheses were tested using multiple regression analysis in SPSS version 27.0 with five regression diagnostic tests. The findings indicated that goal setting (β=0.241, p < 0.001) and environment scanning (β=0.206, p < 0.001) each had a statistically significant positive effect on operational efficiency, with these two dimensions accounting for 48.3 percent of the variance in operational efficiency respectively. Goal setting was the stronger predictor of operational efficiency. The study concluded that strategic planning had a significant positive influence on the operational efficiency of the Federal Mortgage Bank of Nigeria with goal clarity and mandate intention alignment being the most significant planning inputs and recommended that the Bank intensify participatory goal setting and extend competitor-oriented environment scanning to unlock the full operational efficiency benefits of these planning dimensions