Fidson hails BoI, EIB roles in expanding pharmaceutical manufacturing

Fidson Healthcare Plc has lauded the Bank of Industry (BoI) for its crucial role in supporting the expansion of pharmaceutical manufacturing within Nigeria through concessionary financing. This commendation followed a recent visit by delegations from the European Investment Bank (EIB) and BoI to Fidson's manufacturing facility located in Sango-Ota, Ogun State.

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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.

The visit underscored the implementation of a significant €50 million healthcare financing partnership between EIB Global and BoI. This collaboration is specifically designed to enhance the local production of essential healthcare products, including medicines, vaccines, and diagnostics. During the visit, BoI's Executive Director for Corporate Finance and Sustainability, Mr. Rotimi Akinde, highlighted the long-standing relationship between BoI and Fidson, which began in 2010.

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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.

Akinde stated that BoI has consistently provided concessionary financing to support Fidson's growth strategies, noting the company's substantial development as a result of this partnership. Echoing this sentiment, Mr. Ambroise Fayolle, Vice-President of the European Investment Bank, identified Fidson as one of the initial beneficiaries of the EIB-BoI healthcare financing program. Fidson's Managing Director, Mr. Biola Adebayo, further elaborated on the impact of BoI's support, reporting a dramatic increase in the company's workforce from approximately 250 employees in 2010 to around 1,800 today. The financing has also facilitated investments in environmentally friendly production methods and green manufacturing initiatives.

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Fidson’s workforce has expanded from about 250 employees in 2010 to approximately 1,800 employees today, while the financing also enabled investments in green manufacturing and environmentally friendly production processes.