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Capital Investment Appraisal Practices of Quoted Firms in Nigeria

This paper seeks to identify the most widely used techniques of appraising capital investment among quoted firms in Nigeria. This paper utilizes questionnaire method of primary data collection. The respondents were drawn from 200 finance and management staff of 100 quoted firms in Nigeria. Out of the 200 questionnaires administered only 150 were returned. The tools of analysis utilised is tables and percentages. The paper finds that in Nigeria, firms favoured a combination of investment appraisal techniques but the payback period is ranked highest among other techniques. The paper also found simplicity, understandability and effectiveness to be the major preferential factors in the choice of a particular project appraisal technique. It is recommended that coordination, authorization, documentation and communication of capital expenditure plans should be transparent and in line with the business interest of the firm.