Fitch Ratings has confirmed that Bank of Industry Limited (BOI) is at “B” with a stable outlook. As is customary for development banks, Fitch does not give BOI a viability rating (VR). This is because its business model is driven by its political role and depends on government support and, in our opinion, could not be achieved on a commercial basis.

Fitch Ratings has confirmed Nigeria-based Bank of Industry Limited (BOI)'s Long Term Issuer Default Rating (IDR) to “B” with a stable outlook and a rating national long-term to “AAA” (NGA) '. The BOI's long-term IDR is motivated by the potential support of the Nigerian authorities, as evidenced by the BOI's government support note (GSR) of “b.” It is equated with Nigeria's sovereign rating and the BOI's stable outlook on the long-term IDR reflects that of the sovereign.

The Nigerian authorities have a strong propensity to support the BOI, given its 99.9% public ownership, its clearly defined political role, and the share significant financing guaranteed by the government (approximately 76% of its borrowings as of mid-August 2022). Nonetheless, Fitch considers the authorities' ability to support the BOI to be limited, as indicated by Nigeria's sovereign “B” rating.