The World Bank has retained Nigeria’s classification as a lower-middle-income economy for its 2027 fiscal year, maintaining the country’s position among nations with a Gross National Income (GNI) per capita of between $1,176 and $4,635.
The classification is contained in the World Bank’s latest annual income update, which evaluates economies using 2025 GNI per capita figures calculated under the Atlas method.
According to the report, the Atlas methodology uses a three-year average of exchange rates to reduce the effects of currency volatility and provide more stable and comparable income measurements across countries.
The World Bank also maintained Nigeria’s designation as a blend country, making it eligible to access financing from both the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD).
Under the bank’s income classification, economies with a GNI per capita of $1,175 or less are categorised as low-income countries. Those with incomes between $1,176 and $4,635 fall into the lower-middle income bracket, while upper-middle income economies have GNI per capita ranging from $4,636 to $14,375. Countries with incomes above $14,375 are classified as high-income economies.
Nigeria remains in the lower-middle income category alongside several African countries, including Ghana, Kenya, Côte d’Ivoire, Senegal, Cameroon, Angola and Zambia.
In contrast, South Africa, Botswana, Mauritius, Gabon, Cabo Verde and Equatorial Guinea continue to rank as upper-middle income economies, while Seychelles remains the continent’s only high-income country.
The latest update also reflected changes in the economic classification of some African nations. Cabo Verde moved from the lower-middle income category to upper-middle income status, while Togo advanced from low-income to lower-middle income. Namibia, however, slipped from the upper-middle income group to the lower-middle income category.
The World Bank said the revised classifications, based on 2025 income data, will remain in effect throughout its 2027 fiscal year. The annual review serves as a key reference for development financing, investment decisions and global economic comparisons.
Nigeria has remained a lower-middle-income economy since 2010, when it graduated from the low-income category. In recent years, the Federal Government has pursued a series of fiscal, monetary and foreign exchange reforms aimed at strengthening macroeconomic stability, improving productivity, diversifying exports and attracting greater domestic and foreign investment.
