Strategic Planning and Business Survival in a Volatile Economy: A Case Study of Nigeria

The current economy faced in Nigeria is volatile and is characterized by fluctuations in oil prices, currency instability, infrastructural challenges, regulatory uncertainty and socio-political unrest. All these conditions collectively make conducting a business very difficult and challenging, and require strong strategic planning processes. The research examines the link between strategic planning practices and business survival in unstable Nigeria economy. The data was collected from 120 companies in manufacturing, services and retail industries from 2020 to 2023 in Lagos, Abuja and Kano using mixed methods case study approach. Results show that companies that had structured strategic planning had a 47% greater survival rate during business downturns than companies that did not have structured planning. The list of key survival strategies found are: Formulation of adaptive strategy, scenario planning, financial resilience building, diversification, technology adoption, and stakeholder engagement. The study also shows that contextual variables (firm size, sector and access to finance) also moderate the impact of strategic planning on business survival. The paper is useful to the existing theory of management in emerging markets by suggesting a contextually adapted Strategic Resilience Framework (SRF) for businesses in Nigeria. Recommendations for managers, policymakers and investors based on the findings. The strategic planning process, business survival, volatile economy, Nigeria, emerging markets, business resilience and adaptation strategy were the key words.