The study was aimed at determining the relationship between human capital development and financial performance of listed industrial goods manufacturing firms in Nigeria. The proxies for financial performance are Net Profit Margin, return on assets, and return on equity. The theory underpinning this study is Human capital theory. Ex-post facto research design was considered suitable for the study. The population of this study was thirteen (13) industrial goods manufacturing firms listed on Nigeria Exchange Group. Convenience sampling which is a non-probability sampling technique was adopted in determining the sample size of seven industrial goods manufacturing firms listed on Nigeria Exchange Group from 2013 to 2022. The specific objectives of the study were to: (1) ascertain the relationship between employee training and development cost and net profit margin; (2) investigate the relationship between employee training and development costs and return of assets; (3) evaluate the relationship between employee training and development cost and return on equity The study formulated 3 research questions and corresponding null hypotheses. It retrieved secondary data from the annual reports of the firms sampled. The study tested the formulated hypotheses using Feasible Generalized Least Square Regressions. Findings revealed that while employee training and development cost have a significant and positive effect on the net profit margin; Staff welfare cost exhibited a significant relationship with the net profit margin of listed industrial goods manufacturing firms in Nigeria; and Recruitment and hiring costs have a significant adverse influence on the net profit margin of listed industrial goods manufacturing firms in Nigeria. It was recommended among other things that firms should prioritize strategic investments in employee training and development programs to enhance skills, knowledge, and capabilities, thereby potentially improving operational efficiency, productivity, and ultimately, net profit margin.

Keywords: Employee Training, Financial Performance, Industrial Goods, Manufacturing Firms, Nigeria.