Energy is a crucial natural resource that is vital for the functioning and development of every nation. Nigeria is endowed with rich energy resources; however, hydrocarbon exploration and production have constituted its foremost source of energy and revenue. Over the last five decades, the oil and gas industry activities have had negative impressions on the environment, contributing to land degradation and the destruction of biodiversity. With the advent of the climate crises and other fossil fuels induced disasters, global energy consumption trends are making massive shifts to more eco-friendly sources of energy generation. This is due to the numerous benefits of renewable energy, including sustainable environmental development, enriched multilateral green development funding, climate change protection, poverty alleviation, and healthier and safer energy production conditions. Nigeria is not left out of this improvement as there have been various efforts for substitute means of power, exploring alternative energy sources and transitioning to renewable and clean energy for sustainability. This call for change in Nigeria has further been influenced by the stunning increase in fuel price and electricity tariffs and the need to limit fossil fuel usage and cut carbon emissions. This paper seeks to explore and reexamine the exploitation of Nigeria's renewable energy, offering current realities on the potentials, developments and sustainability of the resources and sector. The paper presents technical, financial and policy barriers as some limitations to harnessing the full potential of Nigeria's renewable energy to meet energy needs for optimal industrialization and to sustain its population. It reiterates that efficient, affordable and reliable environmentally friendly energy is crucial for sustainable development. It concludes that improved environmental awareness, advanced research and development in renewable energy technologies, effective policies, and international collaborations are required for sectorial development and to appropriately tap Nigeria's abundant renewable energy resources to meet its energy demands.