Capital structure represents one of the most discussed concepts in financial management. Capital structure refers to how a company finances its operations whether through shareholders equity-fund or debt or a combination of both. Various internal and external factors contribute to the choice of these sources of fund. The external factors include factors such as tax policy, capital market conditions and tax policy, among others. Meanwhile, the internal factors are those that relate to individual firm characteristics. This study examines the determinants of capital structure in Nigeria using the descriptive research design. The population comprised of the eighty-six manufacturing firms that are listed in the Nigerian Stock Exchange. The sample firms were selected using the simple random sampling method. Secondary data obtained from the annual accounts of 24 randomly selected manufacturing firms for 10 years period culminating in 240 firm-year observations. The results of the regression analysis revealed that leverage (a measure of capital structure) has a negative relationship with firm size and tax on one hand and a positive relationship with tangibility of assets, profitability and growth on the other hand. However, only with tangibility of assets and firm size that significant relationship is established. It is recommended for future researchers to carry out similar studies in multiple sectors.