Nigeria remains lower-middle income economy in World Bank’s 2027 ranking

NIGERIA has retained its position as a lower-middle income economy in the World Bank’s income classification for the 2027 fiscal year, according to the lender’s latest update.

The classification places the country among economies with a gross national income (GNI) per capita of between $1,176 and $4,635, based on 2025 income data.

The World Bank said the rankings were determined using the Atlas method, which calculates GNI per capita by applying a 3-year average exchange rate. The approach is designed to reduce the effects of currency volatility and improve comparability across economies.

Under the updated thresholds, countries with a GNI per capita of $1,175 or less are classified as low income, while those earning between $1,176 and $4,635 fall into the lower-middle income group. Upper-middle income economies have GNI per capita ranging from $4,636 to $14,375, while high-income countries exceed $14,375.

The report also maintained Nigeria’s designation as a ‘blend country,’ allowing it to access financing from both the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).

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Other African economies grouped alongside Nigeria include Ghana, Kenya, Côte d’Ivoire, Senegal, Cameroon, Angola and Zambia.

In the upper-middle income category are South Africa, Botswana, Mauritius, Gabon, Cabo Verde and Equatorial Guinea, while Seychelles remains Africa’s only high-income economy.

The latest assessment also recorded changes in the status of some African countries. Cabo Verde advanced from lower-middle income to upper-middle income, while Togo moved from the low-income category to lower-middle income. Namibia, however, slipped from upper-middle income to lower-middle income status.

According to the World Bank, the revised classifications take effect for the 2027 fiscal year and are based on 2025 GNI data adjusted under the Atlas methodology to smooth exchange-rate movements.

The annual income classification is widely used by governments, investors and development institutions to assess economic performance, determine eligibility for concessional financing and compare development outcomes across countries.

Nigeria has remained in the lower-middle income category since 2010, after previously being classified as a low-income country.

The Federal Government has introduced a range of structural reforms aimed at improving productivity, diversifying exports and accelerating economic growth. It is also implementing fiscal, monetary and foreign exchange reforms to strengthen macroeconomic stability and attract more domestic and foreign investment.