Using descriptive statistics and Vector Autoregressive Model, we investigated the impact of financial sector reforms on the performance of the Nigerian economy. The paper is justified given the need to provide empirical evidence on the effectiveness of financial reform in promoting saving, investment and growth. The paper found that the means of performance indicators - saving rate, investment ratio and growth of real GDP, were very low relative to pre-reform period and their correlation with financial indicators were mostly low or negative under reform. Evidence from the VAR analysis also showed that shocks to financial indicators either had negative or insignificant positive effect on the saving rate investment and growth during reform. Complementing financial reforms with structural reforms, therefore, is necessary to promote growth in Nigeria .