As part of efforts to curb the protracted electricity problem in Nigeria, the government enacted the National Renewable Energy and Energy Efficiency Policy (NREEEP) in 2014. Through this policy, the country plans to increase its electricity generation from renewables to 20% by 2030. This thesis investigates the economic feasibility of this lofty goal, and as well determine the best hybrid configuration for off-grid rural/remote power generation across the six geopolitical zones of Nigeria The economic feasibility results, using Long-range Energy Alternative Planning (LEAP) tool, show that the 20% renewables goal in the Nigerian power generation mix by 2030 is economically feasible but will require vast investment, appropriate supportive mechanisms, both fiscal and non-fiscal (especially for solar PV) and unalloyed commitment on the part of the government. Moreover, the techno-economic results with Hybrid Optimization Model for Electric Renewable (HOMER) reveal Small hydro/Solar PV/Diesel generator/Battery design as the most cost-effective combination for power supply in remote/rural areas of Nigeria. Findings also highlight the better performance of this system in terms of fuel consumption and GHGs emission reduction. Lastly, the study identifies factors influencing RE development, and offers strategic and policy suggestions to advance RE deployment in Nigeria.