Cho and Kim [4] have introduced the concept of the competition index of a digraph. Similarly, the competition index of an $n{ imes}n$ Boolean matrix A is the smallest positive integer q such that $A^{q+i}(A^T)^{q+i}=A^{q+r+i}(A^T)^{q+r+i}$ for some positive integer r and every nonnegative integer i, where $A^T$ denotes the transpose of A. In this paper, we study the upper bound of the competition index of a Boolean matrix. Using the concept of Boolean rank, we determine the upper bound of the competition index of a nearly reducible Boolean matrix.