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| Dr. Iweala, Nigeria Finance Minister |
Nigeria is among
the 54 countries of the world with lower-middle-income economies, according to
the latest World Bank country classifications made available to DigitalSENSE
News.
In the latest
classification released officially on July 1, the World Bank categorised
countries with different income economic powers in four categories, namely the
low-income, lower-middle income, upper-middle-income and high-income economies
respectively.
Annually, World
Bank revises the classification of the world’s economies based on estimates of
gross national income (GNI) per capita for the previous year.
The updated GNI
per capita estimates are also used as input to the Bank’s operational
classification of economies, which determines their lending eligibility, and as
of July 1, 2012, the World Bank income classifications by GNI per capita showed
that those in the low income: $1,025 or less; lower middle income: $1,026 to
$4,035; upper middle income was placed between $4,036 and $12,475; while high
income was $12,476 and above.
Based on the
foregoing, some of the 36 countries in the low-income economies ($1,025 or
less) includes Niger, Haiti, Kenya, Chad, Liberia, Mali, Togo, Ethiopia, and
Benin to name a few. While Nigeria was enlisted in the lower-middle income
economies with estimated gross national income (GNI) per capita worth of
($1,026 to $4,035).
Others in the
same group with Nigeria comprise of Zambia, Paraguay, Morocco, Ukraine,
Swaziland, Ghana, Egypt, and Senegal among others.
On the
upper-middle-income economies ($4,036 to $12,475), there are 54 in number
including Ecudaor, Gabon, Peru, Thailand, and Tunisia, to list just a few.
Whereas the high-income economies ($12,476 or more) were 70 in number and
consist of Germany, Poland, Saudi Arabia, Singapore, Malta, United Kingdom
(UK), United States (US) and many others.
DigitalSENSE
News recalls that World Bank officials explained that low- and middle-income
economies are sometimes referred to as developing economies, the term is used
for convenience and thus, it is not intended to imply that all economies in the
group are experiencing similar development or that other economies have reached
a preferred or final stage of development.
They also stated
that the classification include all World Bank members, plus all other
economies with populations of more than 30,000. Citing for instance, that
Gibraltar and Mayotte have been removed from the World Development Indicators
(WDI) database as Gibraltar’s population fell below 30,000. Mayotte on the
other hand, became an overseas department of France on March 31, 2011.
Equally, South
Sudan declared its independence on July 9, 2011and became a member of the World
Bank on April 18, 2012, but was not officially classified by income in
Financial Year 2012 (FY12).
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