I am using 3rd party code in my application and I don't have libray file to link to my application. All I have a makefile and makefile.prg. Using these files is it possible to create .lib file? If yes, please guide me how to do this.
You should provide some more information. At least the name of the 3rd party code and the operating system you are using (makefile files are commonly used with Linux). The file extension .prg can be anything. It may be an input file for the makefile (reading its content may help).
If the code is Open Source, there should be some documentation on how to build a library (in the project documentation or by searching the web).
If it is not Open Source, you should contact the supplier of the code.