Fidson Healthcare Plc has commended the Bank of Industry for supporting the growth of pharmaceutical manufacturing in Nigeria through concessionary financing, following a visit by delegations from the European Investment Bank and the BoI to its manufacturing facility in Sango-Ota, Ogun State.
The visit formed part of the implementation of the €50m healthcare financing partnership recently signed between EIB Global and the BoI to support local production of medicines, vaccines, diagnostics and other healthcare products in Nigeria.
The financing programme is aimed at strengthening healthcare manufacturing and improving access to long-term funding for operators in the sector.
Speaking on behalf of the Managing Director and Chief Executive Officer of the Bank of Industry, Dr Olasupo Olusi, the Executive Director, Corporate Finance and Sustainability, Rotimi Akinde, said the bank had maintained a long-standing relationship with Fidson and continued to support the healthcare sector as part of its development finance strategy.
“Fidson Healthcare Plc is one of Nigeria’s foremost pharmaceutical companies and has maintained a robust relationship with BoI since 2010. Over the years, we have provided concessionary financing to support its expansion plans, and the company has grown significantly as a result of that partnership,” he stated in a statement from the firm on Sunday.
Akinde noted that healthcare manufacturing remains a key component of the bank’s strategy and aligns with Nigeria’s industrial and economic development objectives.
The EIB-backed financing facility forms part of wider efforts under the European Union’s Global Gateway initiative to strengthen healthcare manufacturing capacity across Africa and reduce dependence on imported medical products.
Speaking during the visit, the Vice-President of the European Investment Bank, Ambroise Fayolle, said Fidson was among the first beneficiaries of the EIB-BoI healthcare financing programme.
“A few months after signing the €50 million health financing agreement with the Bank of Industry, I am pleased to visit one of the first beneficiaries of this credit line, Fidson Healthcare, one of the leading pharmaceutical manufacturers in Nigeria,” Fayolle said.
He added that the partnership reflects the EIB’s commitment to supporting local manufacturing capacity, improving healthcare resilience and expanding access to medicines across Africa.
For Fidson, the financing programme represents another phase in a relationship with the Bank of Industry that dates back more than a decade.
The Managing Director and Chief Executive Officer of Fidson Healthcare Plc, Biola Adebayo, said the company’s partnership with the BoI had contributed to its expansion over the years.
“Our relationship with BoI dates back to 2010 when the Bank recognised our growth aspirations and began providing concessionary funding. Since then, our trajectory has remained firmly upward,” Adebayo said.
“From a workforce of about 250 employees in 2010, we have grown to approximately 1,800 employees today. BoI’s support also made it possible for us to invest in green manufacturing and environmentally friendly production processes.”
Adebayo stated that the company operates a large pharmaceutical manufacturing facility in Sub-Saharan Africa and continues to invest in quality assurance and production standards.
“We are not only home to one of the largest pharmaceutical manufacturing facilities in Nigeria but also one of the most advanced in Sub-Saharan Africa. This is the only facility where you will find ten dosage forms in operation, and we are currently undergoing four medicine prequalification processes simultaneously. With EIB and BoI on our side, we believe we can achieve our ambitious vision for healthcare manufacturing and contribute meaningfully to Nigeria’s health security and industrial development,” he said.
According to the statement, the EIB-BoI healthcare financing programme is expected to provide long-term funding to pharmaceutical manufacturers and other healthcare businesses to support expansion, improve quality standards, create jobs and strengthen local supply chains.
The initiative is aligned with Nigeria’s healthcare and industrialisation objectives, the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, and efforts to position Nigeria as a regional manufacturing hub for healthcare products in West Africa.
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