Recent macroeconomic developments in Nigeria’s financial sector reveal a strong desire by the monetary authorities to reposition Nigeria’s financial system to meet the trend of globalization. This study therefore, investigated the determinants of private domestic savings in Nigeria and also examined the impact of savings and bank credits on Nigeria’s economic growth.Two models were adopted viz Distributed Lag-Error Correction Model (DL-ECM) and Distributed Model. The empirical results showed a positive influence of values of GDP per capita (PCY), Financial Deepening (FSD), Interest Rate Spread (IRS) and negative influence of Real Interest Rate (RIR) and Inflation Rate (INFR) on the size of private domestic savings. Also positive relationship exists between the lagged values of total private savings, private sector credit, public sector credit, interest rate spread, exchange rates and economic growth. We therefore recommend, among others, that government’s effort should be geared towards improving per capita income by reducing the unemployment rate in the country. Also growth should be enhanced through improved savings, credit allocation and investments in highly productive sectors.