It has been observed in the recent time that the bulk of studies on foreign capital flows in Nigeria focused on aggregate economic performance, neglecting the performance of industrial sub-sector. In order to move the frontiers of knowledge in this regard, the paper critically examined the relationship between international capital flows and industrial performance in Nigeria using Cointegration, DOLS and Granger Causality Approach. The study extracted data from CBN Statistical Bulletin and UNCTAD investment report from 1990-2015. Consequently, in order to address the objective of this study necessary diagnostic tests such as unit roots, co-integration and Pairwise Granger Causality Tests were estimated. The findings that emerged from this paper is as follows: long-run effect shows that foreign direct investment and external debt have a significant positive relationship with industrial performance in Nigeria. However, the remittances though have a positive relationship with industrial performance in Nigeria, but are not significant. Also, there is a unidirectional causality which runs from industrial performance to FDI inflows in Nigeria. Hence, this paper recommends that Nigerian government should see inflows of foreign capital as a viable catalyst that has the capacity to propel the expansion of the country`s industrial sector, and the policy makers in the country should embark on policy measures that will ensure the sustainability of foreign direct investment inflows and external debt towards the direction of industrial sectors in Nigeria. In the same vein, larger percentage of remittances should be tailored towards industrial sector in the country. If foreign capital flows is sustained there will be industrial revolution in the economy in the nearest future.