Fidson hails BoI, EIB  roles  in expanding pharmaceutical manufacturing

By Etop Ekanem

Fidson Healthcare Plc has commended the Bank of Industry (BoI) for providing concessionary financing that has supported the growth of pharmaceutical manufacturing in Nigeria.

The commendation followed a visit by delegations from the European Investment Bank (EIB) and BoI to Fidson’s manufacturing facility in Sango-Ota, Ogun State.

The visit was part of the implementation of the €50 million healthcare financing partnership between EIB Global and BoI aimed at boosting local production of medicines, vaccines, diagnostics and other critical healthcare products.

Speaking during the visit, Executive Director, Corporate Finance and Sustainability at BoI, Mr. Rotimi Akinde, representing the Managing Director and Chief Executive Officer of BoI, Dr. Olasupo Olusi, described Fidson as one of Nigeria’s leading pharmaceutical companies.

He said the bank has maintained a strong relationship with Fidson since 2010, providing concessionary financing to support its expansion plans.

“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.

Vice-President of the European Investment Bank, Mr. 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,” he said.

Managing Director of Fidson Healthcare Plc, Mr. Biola Adebayo, said BoI’s support has been instrumental in the company’s growth.

According to him, 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.