BoI’s EIB-Backed Financing Accelerates Fidson’s Pharmaceutical Manufacturing Growth

L-R: Rotimi Akinde, Executive Director, Corporate Finance, Sustainability and Investments, Bank of Industry (BoI); Gautier Mignot, European Union Ambassador to Nigeria; Biola Adebayo, Managing Director/Chief Executive Officer, Fidson Healthcare Plc; Ambroise Fayolle, Vice-President, European Investment Bank (EIB); and Ayo Bajomo, Divisional Head, Corporate Finance and Advisory, BoI, during a courtesy visit to Fidson Healthcare Plc’s manufacturing facility in Sango-Ota, Ogun State.

Fidson Healthcare Plc has commended the Bank of Industry (BoI) for its pivotal role in facilitating concessionary financing that is accelerating the growth of Nigeria’s pharmaceutical manufacturing sector, following a high-level visit by delegations from the European Investment Bank (EIB) and BoI to the company’s state-of-the-art manufacturing facility in Sango-Ota, Ogun State.

The visit formed part of the implementation of the recently signed €50 million healthcare financing partnership between EIB Global and BoI, designed to strengthen local production of medicines, vaccines, diagnostics, and other critical healthcare products in Nigeria.

As Nigeria’s leading development finance institution, BoI has championed efforts to unlock long-term capital for strategic sectors, including healthcare manufacturing, in line with national industrialisation and health security objectives.

Speaking on behalf of the Managing Director/Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, Rotimi Akinde, Executive Director, Corporate Finance, Sustainability and Investments, highlighted the Bank’s longstanding support for Fidson and the strategic importance of the healthcare sector.

“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 said.

Akinde noted that healthcare manufacturing remains a key pillar of BoI’s corporate strategy and aligns strongly with Nigeria’s economic development priorities.

The EIB-backed facility is part of broader efforts under the European Union’s Global Gateway initiative to strengthen healthcare manufacturing ecosystems across Africa and reduce dependence on imported medical products.

Speaking on the significance of the intervention, Ambroise Fayolle, Vice-President of the European Investment Bank, 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.

He noted that the partnership reflects EIB’s commitment to supporting local production capacity, strengthening healthcare resilience and expanding access to affordable, high-quality medicines across the continent.

For Fidson Healthcare, the financing represents another milestone in a growth journey that has been closely supported by BoI over the last decade and a half.

According to Biola Adebayo, Managing Director and Chief Executive Officer of Fidson Healthcare Plc, the company’s relationship with BoI has been instrumental in transforming it into one of Africa’s largest pharmaceutical manufacturing platforms.

“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 noted that Fidson now operates one of the largest pharmaceutical manufacturing facilities in Sub-Saharan Africa and continues to invest aggressively in quality assurance and global 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.

The EIB-BoI healthcare financing programme is expected to provide long-term patient capital to pharmaceutical manufacturers and other healthcare enterprises, enabling them to scale operations, improve quality standards, expand employment, and strengthen domestic value chains.

The facility is aligned with Nigeria’s healthcare and industrialisation priorities, the African Union’s target of producing 60 per cent of vaccines and essential medicines locally by 2040, and broader efforts to position Nigeria as a manufacturing hub for healthcare products across West Africa.