For the umpteenth time, the World Bank has classified Nigeria among Lower-Middle Income Economies (LMIEs) in its 2025/2026 country income classification, below war-torn Libya as well as Gabon.
While Nigeria retained its position in the LMIEs, some African countries like Algeria, Botswana, Equatorial Guinea, Gabon, Libya, Mauritius and South Africa are placed higher among the Upper Middle Income Economies (UMIEs).
The World Bank stated that for the current 2026 fiscal year, low-income economies are defined as those with a Gross National Income (GNI) per capita calculated using the World Bank Atlas method of $1,135 or less in 2024.
However, the middle income GNI per capita include countries of between $1,136 and $4,495; upper middle-income economies are those with a GNI per capita between $4,496 and $13,935 and high-income economies are those with more than a GNI per capita of $13,935.
The World Bank Group said that its income classifications provide valuable insights into global economic trends and development progress.
“As countries continue to evolve economically, these classifications will remain crucial for shaping development policies and strategies. Policymakers should consider these classifications when designing economic policies and strategies.”
