An optimal capital structure ensures the liquidity, profitability and enhanced value for shareholders. Attaining an optimal capital structure requires the existing of all sources of funds, equity and debts. In Nigeria, however, the obstacles associated with accessing debts funds posed difficulties for some firms, including the consumer goods firms in Nigeria. The study examined capital structure and liquidity of consumer goods firms in Nigeria. Specifically, the effect of Debt Equity Ratio (DTER), Debt Assets Ratio (DTAR) and Debts Capitalization Ratio (DTCR) on Net Cash Flow of Consumer goods firms in Nigeria were examined. The study was based on time series data obtained from a sample of twelve (12) consumer goods firms listed on Nigeria Exchange Group during 2013-2025 periods.  The data were analyzed using Descriptive Statistics, Unit Root and Panel Least Square Regression Analysis. Results suggest that Debt Equity Ratio positively, but non- significantly affect Net Cash Flow Ratio of the firms. {DTER Coeff. = 0.008920, and the P-value = 0.4487}. Results also show that Debt Assets Ratio positively, but non-significantly affect Net Cash Flow Ratio of the firms. {DTAR Coeff. = 0.304386, and the P-value = 0.2283}.  Results further indicate that Debt to Capitalization Ratio positively, and significantly affect Net Cash Flow Ratio of the firms. {DTCR Coeff. = 0.777645, and the P-value = 0.0016}. The implication of these findings is that net cash flow of the consumer goods in firms in Nigeria will improve as combination of debts equity are used to finance the firms’ operations. Based on these findings, the study recommends that consumer goods firms in Nigeria should finance their business operations with more of debt than equity. The study also recommends that the firms should use debt financing to fund investment in long term assets, as this will increase firm profitability and checkmate excesses use of free cash flow by the firm managers. The study further recommends that the firms should increase the overall debts proportions in their capital structure as this will reduce tax burden, guarantees ownership control and voting rights and enhance cash flow and profitability of the firms