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This study examines the effect of working capital management on financial performance of listed industrial firms in Nigeria from 2011 to 2020. Cash conversion cycle, account payable and account receivable were used to measure working capital management, while return on assets was used to measure financial performance. The secondary data was from the individual financial reports of the listed industrial sectors in Nigeria. The study sampled ten (10) listed industrial firms out the thirteen (13) in Nigeria due to the inaccessibility of data. The study employed ordinary least square regression to analyse the data. The result showed that account receivable has a negative significant effect on return on assets, while cash conversion cycle and account payable were insignificant. The study recommends that Industrial firms should ensure that inventory is adequate to meet customer demands at all times while at the same time minimizing the cash conversion cycle of converting inventory to cash. Also, the management should maintain an adequate period of settling their suppliers in order to avoid negative effect on the company’s performance. Finally, firms should create a new strategies and incentives like discount and promo that will ensure that debtors are encouraged and motivated to settle their accounts on time. Keywords: Working capital management, Cash conversion cycle, Account payable, Account receivable, Financial performance, Listed Industrial Firms. Nigeria JEL Classification Codes: C23, E59, G32