Fidson Healthcare Plc, a leading Nigerian pharmaceutical firm founded and directed by Fidelis Ayebae, has signed a significant cooperation agreement with the Nigerian Export-Import Bank (NEXIM) to expand its production and distribution capacities.
This agreement is expected to help Fidson establish a greater foothold in Africa’s rapidly increasing pharmaceutical sector.
Stella Okotete, Executive Director of Business Development at NEXIM, stressed the bank’s commitment to assisting indigenous industries such as Fidson during a recent meeting at its Abuja headquarters.
Okotete emphasized that the bank’s assistance extends beyond financial backing, with consulting services and collaborative chances to help Fidson expand into a significant pharmaceutical powerhouse in Africa.
Fidson Deputy Managing Director Abiola Adebayo expressed confidence in the company’s growth prospects through strategic alliances, noting that investments are critical to Fidson’s leadership in Africa’s pharmaceutical sector.
Finance Director Imokha Ayebae emphasized the need of managing regulatory hurdles and urged for financial support to increase manufacturing and distribution capacity.
Since 2002, Fidson, directed by Fidelis Ayebae, has developed from a small distributor to a major participant in Nigeria’s pharmaceutical business. In 2005, it became West Africa’s first company to manufacture antiretroviral medications in-house.
Fidson’s expansion strategy includes a $100 million investment in a cutting-edge manufacturing plant at the Lekki Free Trade Zone to meet healthcare concerns, particularly the HIV epidemic. It has teamed with Chinese enterprises to develop a new pharmaceutical factory at the same area.
The company’s financial success reflects its ambitious expansion goals, with sales increasing by 30% from N40.63 billion ($28.7 million) in 2022 to N53.05 billion ($37.48 million) in 2023. This solidifies its leadership in Nigeria’s pharmaceutical business.
