Environmental pollution is of considerable concern throughout the world. Consequent upon this, Renewable Energy has become a topic whereby its importance cannot be overemphasized. Nigeria as a nation has borne a lot of challenges in its quest to attain solutions to sustainable energy. This article will critically evaluate the opportunities and benefits associated with renewable energy sources; social and economic development of renewable energy, climate change mitigation caused by renewable energy, challenges faced in the implementation of the renewable energy, current position of renewable energy in Nigeria and the Laws regulating the application of renewable energy in Nigeria.