This paper investigates equity financing and profitability of selected quoted Nigeria manufacturing firms from 2009 to 2015. Secondary data obtained from Factbook published by Nigerian Stock Exchange (NSE) and audited financial statement were used to analyzed data. Ordinary least square technique was used to analyze twenty (20) sampled firms. The study concluded that equity and reserves have positive and significant impact on profitability of selected quoted manufacturing firms in Nigeria and there is an optimal capital structure for all firms. The study therefore recommends that management of Nigeria quoted manufacturing firms should work hard to optimize the capital structure of their firms in order to increase the value of the returns on equity, assets and investment.