Abstract: Despite their importance to Nigeria’s economic growth and employment, the consumer and industrial goods sectors have struggled with volatile performance and persistent market undervaluation, raising critical questions about the drivers of firm value. This study therefore examined the effect of intellectual and human capital reporting on firm value among listed firms in these sectors between 2013 and 2024 An ex-post facto research design was adopted, and secondary data were collected from the annual reports of 22 firms over twelve years. Firm value was proxied by the Price-to-Book(P/B) ratio, while intellectual and human capital were measured using two approaches: finance-based indices and disclosure level-based indices. Revenue growth was included as a control variable. Data were analyzed using random-effects GLS regression with robust standard errors in STATA 16. The results show that Intellectual Capital Reporting measured with finance-based indices (ICRF in) has a positive and statistically significant effect at 5% level, whereas when measured with disclosure-based indices (ICRD iscl), the effect is not statistically significant. Human Capital Reporting measured through finance-based indices (HCR Fin) was negative and statistically significant at 5% level, showing that heavy workforce-related spending reduces firm value. Human Capital Reporting measured through disclosure level-based indices (HCRD iscl) was not statistically significant, confirming weak investor responsiveness to disclosure level human capital information. The study concludes that finance-based measures of intellectual and human capital demonstrate statistically significant effects, with intellectual capital enhancing firm value, whereas human capital reduces it. However, disclosure-level indices for both intellectual and human capital do not show statistically significant effects on firm value. It is recommended that companies strengthen the reporting of finance-based intellectual capital and clearly report the productivity impact of human capital investments. Regulators such as the Financial Reporting Council of Nigeria should provide guidance and encourage the adoption of standardized disclosure-level templates aligned with international frameworks, in order to enhance clarity, comparability, and value relevance.

Keywords: Firm value, Intellectual Capital Reporting, Human Capital Reporting, Price-Book Value, Revenue Growth.