Editing Economy of Nigeria (section)

==Overview==
In 2014, Nigeria rebased its GDP to account for fast-growing contributors such as telecommunications, banking, and its film industry to its economy.<ref>{{cite web |url=https://www.pwc.com/ng/en/publications/gross-domestic-product-does-size-really-matter.html |archive-url=https://web.archive.org/web/20160414104553/https://www.pwc.com/ng/en/publications/gross-domestic-product-does-size-really-matter.html |archive-date=2016-04-14|title=Economic and fiscal implications of Nigeria's rebased GDP |website=pwc.com}}</ref><ref>{{cite news|url=https://www.economist.com/news/leaders/21600685-nigerias-suddenly-supersized-economy-indeed-wonder-so-are-its-still-huge|title=Africa's new Number One|newspaper=The Economist|date=12 April 2014|access-date=9 April 2017|archive-date=10 April 2014|archive-url=https://web.archive.org/web/20140410234642/http://www.economist.com/news/leaders/21600685-nigerias-suddenly-supersized-economy-indeed-wonder-so-are-its-still-huge|url-status=live}}</ref> Human capital is underdeveloped, as Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019<ref name=":0">{{Cite web|title=2020 Human Development Report|url=http://hdr.undp.org/sites/default/files/hdr2020.pdf|url-status=live|archive-url=https://web.archive.org/web/20201215063955/http://hdr.undp.org/sites/default/files/hdr2020.pdf |access-date=2021-08-17|website=UNDP|language=en|archive-date=15 December 2020 }}</ref>—and non-energy-related infrastructure is inadequate.

Nigeria has advanced efforts to provide universal primary education, and protect the environment.<ref>{{Cite web|url=https://www.christenseninstitute.org/blog/why-innovation-must-be-the-new-development-strategy/|title=Why innovation must be the new development strategy|date=2017-01-19|publisher=Christensen Institute|access-date=2020-01-22|archive-date=17 August 2020|archive-url=https://web.archive.org/web/20200817212629/https://www.christenseninstitute.org/blog/why-innovation-must-be-the-new-development-strategy/|url-status=live}}</ref><ref>{{Cite web|url=http://www.yourcommonwealth.org/uncategorized/nigerias-challenge-universal-primary-education/|title="Nigeria's challenge – universal primary education" {{!}} YourCommonwealth|website=yourcommonwealth.org|date=May 2013|access-date=2020-01-22|archive-date=25 September 2020|archive-url=https://web.archive.org/web/20200925092034/http://www.yourcommonwealth.org/uncategorized/nigerias-challenge-universal-primary-education/|url-status=live}}</ref>

A requirement for achieving many of its objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment. However, while broad-based progress has been slow, these efforts are becoming visible in international surveys of corruption.<ref>{{Cite web|title=The economic context of Nigeria - Economic and Political Overview - Nordea Trade Portal|url=https://www.nordeatrade.com/en/explore-new-market/nigeria/economical-context|access-date=2021-04-06|website=www.nordeatrade.com|archive-date=18 February 2021|archive-url=https://web.archive.org/web/20210218083050/https://www.nordeatrade.com/en/explore-new-market/nigeria/economical-context|url-status=dead}}</ref> Nigeria's ranking has mostly improved since 2001, ranking 154 out of 180 countries in [[Transparency International]]'s 2021 [[Corruption Perceptions Index]].<ref>{{Cite web|title=Report corruption in Nigeria|url=https://www.transparency.org/en/report-corruption/nigeria|website=Transparency.org|language=en|access-date=2020-05-25|archive-date=9 August 2020|archive-url=https://web.archive.org/web/20200809145936/https://www.transparency.org/en/report-corruption/nigeria|url-status=live}}</ref>

The Nigerian economy suffers from an ongoing [[Nigerian energy supply crisis|supply crisis in the power sector]]. Despite a rapidly growing economy, some of the world's [[List of countries by proven oil reserves|largest deposits of coal, oil, and gas]] and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents.<ref>{{Cite web|title=Finding Lasting Solution to Nigeria's Power Problem|url=https://www.thisdaylive.com/index.php/2019/09/29/finding-lasting-solution-to-nigerias-power-problem/|date=2019-09-29|website=THISDAYLIVE|language=en-US|access-date=2020-05-25|archive-date=2 September 2020|archive-url=https://web.archive.org/web/20200902222043/https://www.thisdaylive.com/index.php/2019/09/29/finding-lasting-solution-to-nigerias-power-problem/|url-status=live}}</ref> Two-thirds of Nigerians expect living conditions to improve in the coming decades.<ref>{{Cite web |date=2023-02-16 |title=Economic Growth and Trade |url=https://www.usaid.gov/nigeria/economic-growth |access-date=2023-11-07 |website=U.S. Agency for International Development |language=en |archive-date=19 March 2021 |archive-url=https://web.archive.org/web/20210319144934/https://www.usaid.gov/nigeria/economic-growth |url-status=dead }}</ref><ref>The Economist, 28 March 2020, page 4.</ref> According to the National Bureau of Statistics (NBS) Nigeria's GDP grew by 3.19% in Q2 2024. The non-oil sector drove growth, expanding by 4.13%, while the oil sector contracted by -3.83%.<ref>{{Cite web |last=Udi |first=Aghogho |date=2024-08-26 |title=Nigeria's GDP grows by 3.19% in Q2, 2024 – NBS |url=https://nairametrics.com/2024/08/26/nigerias-gdp-grows-by-3-19-in-q2-2024-nbs/ |access-date=2024-09-20 |website=Nairametrics |language=en-US}}</ref>