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

Fidson Healthcare Plc has commended the Bank of Industry (BoI) for its role in facilitating concessionary financing that is accelerating the growth of Nigeria’s pharmaceutical manufacturing sector.

This follows 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, the executive director, Corporate Finance, Sustainability and Investments, Rotimi Akinde, 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, the 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.

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.

The managing director and chief executive officer of Fidson Healthcare, Biola Adebayo stated that the company’s relationship with BoI has been instrumental in transforming it into one of Africa’s largest pharmaceutical manufacturing platforms.

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.

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.