This paper aimed at investigating the impact of working capital management (WCM) on corporate performance of quoted consumer goods sector in Nigeria. Specifically, the paper examined the impact of cash conversion cycle (CCC), current ratio (CUR), quick ratio (QUR), asset turnover ratio (ATR), Average Payment Period (APP), Average Collection Period (ACP), and Inventory Collection period (ICP) on return on asset (ROA) of listed Nigerian Consumer goods sector firms from 2009 to 2018 covering 120 cross-sectional units. To ensure that the findings of the study are reliable, accurate, and valid, the study was further subjected to diagnostic tests using the Lagrange Multiplier Tests for Random Effects, Hausman test, and the cross-sectional dependence test. Accordingly, the Hausman test supports the Random Effect Model (REM) while the cross-sectional dependence test revealed that the variables of each company is unique and are independent of those of other companies in the sample. Findings emanating from the REM confirmed a mixed relationship between WCM and ROA. Specifically, the study found that managers can achieve high profitability if it addresses all inventory management issues since quick ratio and inventory conversion period exerted negative insignificant impact on firm performance. Again, the study found that the current ratio, quick ratio, and asset turnover ratio are the main determinants of corporate performance. Hence, the study concludes that WCM is the most efficient way firms can achieve outstanding success. To this end this paper recommends that if firms in the Nigerian Consumer goods sector firms must achieve their core objective of maximizing high returns and minimizing risk, they must pay full consideration on current ratio, quick ratio, and asset turnover ratio.