This study examined the effect of working capital management on the financial performance of listed manufacturing firms in Nigeria over the period 2019–2023. Specifically, the study investigated the impact of cash conversion cycle on revenue growth, accounts payable period on return on equity, accounts receivable period on return on capital employed, and inventory turnover on return on assets. Panel regression analysis was employed using firm-level secondary data. The findings reveal that cash conversion cycle has a significant negative effect on revenue growth (β = -0.01; p = 0.05). Accounts payable period exhibits a significant positive relationship with return on equity (β = 0.10; p = 0.00), while accounts receivable period shows a significant negative effect on return on capital employed (β = -0.01; p = 0.04). However, inventory turnover was found to have no significant relationship with return on assets (β = -0.01; p = 0.77). The study concludes that specific components of working capital exert differentiated effects on firm performance. It recommends efficient receivables management, strategic supplier credit utilization, and improved liquidity planning to enhance profitability within the Nigerian manufacturing sector.