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This paper examines the relationship between the market value added and internal performance characteristics in corporate Nigeria. The study is a cross-sectional examination of twenty-five firms quoted in the Nigeria Stock Exchange in the 2004 financial year. We employ a regression analysis and found that there is a strong positive relationship between MVA and EVA and some internal performance characteristics. It is consequently imperative for managers that those variables that influence shareholder value be stimulated in a positive way in order to maximize shareholder value.