This study aimed at establishing the degree of influence of cost elements on the productivity of manufacturing companies. The study made used of a survey research design method and data were obtained through questionnaire and analyzed with the Ordinary Least Square (OLS) method. The study revealed that three major categories of manufacturing costs affect the overall productivity of manufacturing companies; viz, raw materials, labour and overhead costs. This study established that the ability or inability of manufacturing companies to properly control and minimize these costs has a direct bearing on how productive or unproductive these companies are. It was recommended that the major cost elements of material, labor and overhead should be individually managed in the light of overall productivity. Also manufacturing companies should pay closer attention to cost reduction, cost management and cost control in order to remain increasingly profitable.