By Peter Omopo
The World Bank has retained Nigeria’s classification as a lower-middle income economy for the 2027 fiscal year, maintaining the country’s income status despite ongoing economic reforms and efforts to drive growth.
According to the World Bank’s latest income classification, Nigeria remains among economies with a Gross National Income (GNI) per capita ranging between $1,176 and $4,635, placing it within the lower-middle income category.
The global financial institution updates its income classifications annually using GNI per capita estimates calculated through the Atlas method, which helps minimise the effects of exchange rate fluctuations and inflation, providing a more stable basis for comparing national income levels across countries.
Nigeria’s continued classification reflects its current average income level and serves as an important benchmark for international development financing, economic analysis, and global comparisons.
The World Bank noted that the income classification is not a direct measure of a country’s overall economic performance or level of development. Rather, it provides an indication of average national income and is used to group economies for analytical and operational purposes.
The retention of Nigeria’s status comes amid ongoing reforms by the Federal Government aimed at stabilising the economy, boosting productivity, attracting investment, and improving long-term growth prospects.
