Bank of Industry Ltd. (BOI) is the largest and most active development financial institution in Nigeria. It focuses on the corporate sector and driving industrialization of the country's economy. In our view, the Nigerian government would step in to provide timely and sufficient support to BOI if needed, considering the bank's strong ties and close operational links with the government. Therefore, we have assigned our 'B-/B' global scale and 'ngBBB+/ngA-2' Nigeria national scale ratings to BOI, in line with those on Nigeria. The outlook is positive and mirrors that on the sovereign. On Jan. 22, 2026, S&P Global Ratings assigned its 'B-/B' long- and short-term issuer credit ratings and 'ngBBB+/ngA-2' long- and short-term Nigeria national scale ratings to Bank of
