This study examines an empirical analysis of the capital structure of selected quoted companies in Nigeria between 1990 and 2004. The analyses are performed using panel data pertaining to 50 non-financial firms. Static tests are conducted and panel data specifications are used. Considering the results for all the firms, leverage is negatively correlated with profitability. Tangibility is positively correlated with total debts and long-term debts, but negatively related to short-term debts. In addition, collateral appeared to influence all bank borrowing in Nigeria, whether short-term or long-term. Growth opportunity is positively related to both total debts and short-term debts. The size of the companies is positively correlated with total debts and short-term debts, suggesting that large firms can better support higher debt ratios than small firms. The empirical result shows that debt financing for listed companies in Nigeria corresponds mainly to a short-term debts nature, with a mean value of 60%. Nigeria firms should adopt appropriate steps to lengthen the maturity structure of corporate debt. In addition, government should endeavour to develop capital market to be able to absorb the increase in demand for funds.