The study examined the effect of tax aggressiveness on market value of listed manufacturing firms in Nigeria for the period 2005 to 2024 using secondary data derived from financial statements of the firms examined. Study was carried out using purposive sampling method based on available data and establishing relationships amongst the variables based on multiple regression analysis. The study also used Haussmann test to determine appropriate model and Granger causality test to determine direction of effect. The random effect estimation framework non-debt tax shield significantly and positively affects market price but the effect of debt tax shield is insignificant. Debt tax shield and non-debt tax shield exert significant effects on Tobin Q of manufacturing companies in Nigeria, although the effect of debt tax shield is negative, while those of Non debt tax shield is positive. Based on findings, the study recommended that non cash flow strategies that do not encourage violation of debt covenants should be pursued to enhance market performance policy makers devise an optimal debt tax shield regime that enable the firms to avoid debt covenants defaults and prevent excessive borrowing that can cause bankruptcy as the usefulness’s of debt tax shield in firm value is tied to lesser and more manageable debt levels among manufacturing companies in Nigeria.