World Bank Retains Nigeria In Lower-Middle Income Category For 2027

The World Bank has maintained Nigeria’s classification as a lower-middle income economy for the 2027 fiscal year, keeping the country within the group of nations with a gross national income (GNI) per capita ranging from $1,176 to $4,635.
The classification was contained in the bank’s latest annual income update, which assesses economies using 2025 GNI per capita calculated through the Atlas method.
According to the World Bank, the Atlas methodology relies on a three-year average of exchange rates to minimise the impact of currency fluctuations and provide more consistent comparisons among countries.
The lender also retained Nigeria’s status 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).
The report classifies economies with a GNI per capita of $1,175 or below as low income, while upper-middle income economies have incomes between $4,636 and $14,375. Countries with GNI per capita above $14,375 are classified as high-income economies.
Nigeria joins Ghana, Kenya, Côte d’Ivoire, Senegal, Cameroon, Angola and Zambia among Africa’s lower-middle income economies.
South Africa, Botswana, Mauritius, Gabon, Cabo Verde and Equatorial Guinea remain in the upper-middle income category, while Seychelles continues to be Africa’s only high-income economy.
The latest assessment also recorded changes in the status of some African countries. Cabo Verde moved from the lower-middle income group to the upper-middle income category, while Togo advanced from low income to lower-middle income status. Namibia, however, dropped from upper-middle income to lower-middle income.
The World Bank said the revised classifications, based on 2025 income data, will apply throughout its 2027 fiscal year and are updated annually to guide development financing, investment decisions and international economic comparisons.
Nigeria has remained a lower-middle income economy since 2010, after moving up from the low-income category. The federal government has continued to implement fiscal, monetary and foreign exchange reforms aimed at boosting productivity, diversifying exports, strengthening macroeconomic stability and attracting investment.