This project is written in partial fulfillment of the award of Master in Business Administration. This research project is centered on "An evaluation of project appraisal techniques as a criteria for selecting and financing projects" - a case study of the defunct Nigerian Agricultural and Cooperative Bank Limited. Project Appraisal is a vital issue that helps in no small measure in the acceptability of a capital investment project. Project appraisal is the quantification, analysis, evaluation and identification of investment opportunities open to an investor in order to make a reasonable decision when embarking on an investment. A lending banker is also an investor who invests its fund in the provision of finance to a borrower who gives a binding promise to repay on due date, both the principal and the interest charges. Among all the available appraisal techniques, the combination of NPV, IRR and Cost Benefit Analysis are the most commonly used. The lending banker needs project formulation and appraisal to plan and evaluate the degree of risk and success attached to loan requests. Project appraisal is very vital in any large/capital lending decision. It is important because through project appraisal risk and uncertainty are reasonably evaluated, analyzed and adjusted. It is in the light of all the benefits derivable from a good project appraisal programme that the researcher tried to take a critical look into this vital tool of lending decision. After examining the important aspects of project appraisal, recommendations were made as to how to improve the general performance of the bank in this area. These include manpower training and development, and provision of incentives to increase productivity.