This report does not constitute a rating action. Overview Key strengths Key risks Almost certain likelihood of support due to critical policy role and integral link to the Nigerian government. Earnings volatility due to foreign exchange movements and foreign exchange-denominated funding. Strong capital buffers that are above regulatory requirements. Concentration risk from a large exposure to government securities. The stable outlook on BOI mirrors that on Nigeria. Our ratings on the bank will move in conjunction with those on the sovereign, provided we continue to assess the likelihood of the Nigerian government supporting the bank as almost certain. We would lower our ratings on BOI over the next 12 months if we took a similar rating action on Nigeria. Pressure
