This study focused on the effect of Technology Innovation on Strategic Planning Capability using selected ICT firms (Spectranet Nigeria Limited and Zinox Technologies Limited) in Lagos State, Nigeria. The objectives of the study were to test how significantly IT Infrastructure and investment in emerging technology affects strategic planning process and the success of strategic goals and objectives respectively. The study adopted a descriptive research design. The targeted population consisted of 242 staff of both Zinox Technologies Limited and Spectranet Nigeria Limited in Lagos State distributed across various categories. Using the Taro Yamane sample size formula, a sample size of 151 was drawn from the population The researcher adopted the convenience sampling technique to select the choice of firm by selecting them based on their closeness to the researcher. The sample was stratified to ensure that all the members of the population were adequately represented. A purposive sampling technique was used in each stratum. Data was collected through a self-developed questionnaire. Content validity and Cronbach’s alpha were used to test the validity and reliability of the research instrument. The collected data was analysed using inferential statistics using SPSS (Statistical Package for the social sciences). The findings revealed that IT infrastructure explains 30.9% of the increase in the efficiency of the strategic planning process and investment in emerging technologies increases the chances of actualizing the strategic plans and objectives of Spectranet Nigeria Limited and Zinox Technologies Limited in Lagos State, Nigeria by 59.1%. It was therefore concluded that just as Information Technology Innovation is a key indicator in the strategic planning capability of the selected ICT firms in Lagos state, Nigeria so it is with many other ICT and non-ICT firms in Lagos state and other parts of Nigeria. It is therefore expedient for relevant policy makers in organisations to embrace IT innovations and inculcate them into their organisations periodic and overall strategic plans.