Firms determining factors have been identified to have an immeasurable role in enhancing the financial performance of companies, but available literatures in this area are mixed and inconclusive. Owing to these mixed and inconclusive findings, this study therefore examines the impact of both internal and external factors on the financial performance of listed consumer goods firms in Nigeria. The population of the study consists of twenty-seven (27) listed consumer goods firms as at 31st December 2015. Fifteen of the listed consumer goods firms were selected to form the sample of the study for the period of eleven years (2006-2016). The study employed multiple regressions as tool for analysis. Secondary data obtained from the financial statements of the companies was analysed. The result revealed that liquidity, leverage and firm size are the most important determinants of financial performance. Hence, all three variables are positively and significantly related to financial performance. While, inflation rate and GDP growth rate are not significantly related to financial performance of listed consumer goods firms in Nigeria. For consumer goods firms to achieve a greater profit and competitiveness in the market, it is therefore recommended that the companies should give more attention to firm specific characteristics (liquidity, leverage and firm size) and also conduct careful evaluation by partnering with government to check activities of macroeconomic indicators (GDP growth rate and inflation rate) that influence the financial performance of the company before making major business decision as this will go a long way to improving their financial performance