Executive Director, Corporate Finance, Sustainability and Investment, Bank of Industry (BoI), Rotimi Akinde (left); European Union Ambassador to Nigeria, Gautier Mignot; Managing Director/Chief Executive Officer, Fidson Healthcare Plc, Biola Adebayo; Vice-President, European Investment Bank (EIB), Ambroise Fayolle and Divisional Head, Corporate Finance and Advisory, BoI, Ayo Bajomo during a courtesy visit to Fidson Healthcare Plc’s manufacturing facility in Sango-Ota, Ogun State.
Delegations from the European Investment Bank (EIB) and the Bank of Industry (BoI) have visited Fidson Healthcare Plc’s manufacturing facility in Sango-Ota, Ogun state, marking the early implementation stage of a €50 million healthcare financing partnership aimed at deepening pharmaceutical manufacturing in Nigeria.
Fidson is among the first companies to access the credit line, which was signed between EIB Global and BoI to support the local production of medicines, vaccines, diagnostics, and other critical healthcare products.
Vice-President of the European Investment Bank, Ambroise Fayolle, said the visit came only months after the agreement was sealed.
“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.
The EIB-backed facility is structured under the European Union’s Global Gateway initiative, which seeks to strengthen healthcare manufacturing ecosystems across Africa and reduce reliance on imported medical products.
Speaking on behalf of BoI’s Managing Director, Dr Olasupo Olusi, Executive Director for Corporate Finance and Sustainability, Rotimi Akinde, said the bank’s relationship with Fidson stretches back to 2010 and has underpinned much of 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 said.
For the Managing Director and Chief Executive Officer of Fidson Healthcare Plc, Biola Adebayo, the figures tell the story plainly. The company grew from roughly 250 employees in 2010 to approximately 1,800 today, a trajectory he attributed largely to BoI’s concessionary funding and the investments it made possible.
“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 added that Fidson now operates one of the largest and most advanced pharmaceutical manufacturing facilities in Sub-Saharan Africa, with ten active dosage forms and four simultaneous medicine prequalification processes currently underway.
The EIB-BoI programme is expected to provide long-term patient capital to pharmaceutical manufacturers and healthcare enterprises, enabling them to scale operations, improve quality standards, and expand domestic value chains.