Fidson Healthcare Plc has praised the Bank of Industry (BoI) for its sustained support of pharmaceutical manufacturing in Nigeria through concessionary financing, following a joint visit by delegations from the European Investment Bank (EIB) and the BoI to its manufacturing facility in Sango-Ota, Ogun State.
The visit was part of the implementation of the €50 million healthcare financing partnership recently signed between EIB Global and the Bank of Industry to strengthen local production of medicines, vaccines, diagnostics and other healthcare products in Nigeria.
The financing programme is designed to improve access to long-term funding for healthcare manufacturers while enhancing the country’s capacity to produce essential medical products locally.
Representing the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, the Executive Director of Corporate Finance and Sustainability, Rotimi Akinde, said the bank’s relationship with Fidson spans more than a decade and has played a significant role in the company’s growth.
“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,” Akinde stated.
He noted that healthcare manufacturing remains a strategic priority for the Bank of Industry and aligns with Nigeria’s industrialisation and economic development objectives.
The EIB-backed facility is part of broader efforts under the European Union’s Global Gateway initiative, which seeks to strengthen healthcare manufacturing capacity across Africa and reduce dependence on imported medical products.
Speaking during the visit, Vice-President of the European Investment Bank, Ambroise Fayolle, described Fidson as one of 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.
According to him, the partnership demonstrates the EIB’s commitment to supporting local manufacturing, improving healthcare resilience and expanding access to quality medicines across Africa.
For Fidson, the new financing initiative represents another milestone in its long-standing relationship with the Bank of Industry.
The Managing Director and Chief Executive Officer of Fidson Healthcare Plc, Biola Adebayo, said the partnership has contributed significantly to the company’s expansion and operational growth.
“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.
He disclosed that the company’s workforce has grown from approximately 250 employees in 2010 to about 1,800 employees today, attributing part of the growth to support received from the development finance institution.
“BoI’s support also made it possible for us to invest in green manufacturing and environmentally friendly production processes,” he added.
Adebayo highlighted Fidson’s manufacturing capabilities, describing the company’s facility as one of the most advanced pharmaceutical production centres in Sub-Saharan Africa.
“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,” he said.
“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.”
According to the company, the EIB-BoI healthcare financing programme will provide long-term funding to pharmaceutical manufacturers and other healthcare businesses, enabling them to expand operations, improve quality standards, create employment opportunities and strengthen local supply chains.
The initiative also aligns with Nigeria’s healthcare and industrialisation goals, as well as the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040. Stakeholders believe the programme will further position Nigeria as a regional hub for healthcare manufacturing in West Africa.
