Abstract: The study examined the impact of strategic planning on organizational performance and survival. The effectiveness of strategic planning can be measured in terms of the extent to which it influences organizational performance, which affects its survival rate. 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, of which First Bank of Nigeria, Plc (FBN) will be used as case study. Based on the above objective, relevant literatures were thoroughly reviewed and three hypotheses were formulated and tested in this study. A survey technique was used with the administration of questionnaires to 100 respondents (of which 80 was retrieved) comprising of both the senior and junior staff in various First bank branches in Lagos metropolis. The data collected were analyzed using the Statistical Package for Social Sciences (SPSS). Also, T-Test and Chi-square statistical methods were used in testing the hypotheses using the SPSS. The three hypotheses were confirmed. For the purpose of testing for reliability of the instrument, ‘The Split-Half Technique’ from SPSS was used. The implication of this study is that Strategic planning enhances better organizational performance, which in the long run has impact on its survival and that strategic planning intensity is determined by managerial, environmental and organizational factors.