It is imperative that Nigeria reduces wastage in residential electricity consumption and motivate energy saving behaviors through energy efficiency measures. These strategies aim to minimize frequent power sheds, which in turn increase reliability, thus benefiting the environment and electricity consumers. This article examines the effects of such innovative approaches to electricity savings in Nigeria through: 1) prepaid electricity metering systems and 2) fast replacements of inefficient and aging appliances. Relationships between residential electricity consumption, energy efficiency, and carbon footprint were also assessed vis-a-vis the replacement of old energy appliances and analogue electricity billing systems with more efficient devices and through prepaid metering systems, respectively. These techniques intend to promote energy saving behaviors. A System Dynamics model built on Stella platform, is used to analyze the implication of energy efficiency policy implementation on residential electricity consumption based on a simulation period of 41 years (2010 - 2050). Secondary data were sourced from the Bureau of Statistics, published articles, Nigerian power sector, World Bank, and primary data using cross sectional surveys of residential electricity consumers. Results, not only revealed that availability and utilization of prepaid electric meters and efficient appliances would motivate electricity saving behaviors, but also showed that efficient technologies could be the main drivers to future energy savings. Results also showed that carbon emissions were cut down by 45% in 2050. In addition, changes in electricity tariffs did not have any consequential effect on electricity consumption, but would rather influence electricity demand. Also, large number of occupant per house might have a negative impact on the Nigerian economic growth. Finally, results suggest that subsidies should be used on new household appliances as an effective energy policy measures. The developed model can be replicated in similar sectors in other emerging economies.