The World Bank has again ranked Nigeria among the Lower-Middle Income Economies (LMIEs), placing Africa’s top oil producer behind conflict-ridden Libya and Gabon which were categorized as Upper-Middle Income Economies (UMIEs).
This ranking comes as the country recently embarked on key reforms that have shrunk disposable income and triggered the worst cost-of-living crisis in a generation.
But the tides are calming as Nigeria recorded its fastest annual growth in more than a decade in 2024 which stood at 3.4 percent with analysts predicting a sustained trajectory this year.