Fidson Healthcare Plc, a leading Nigerian pharmaceutical business chaired by Fidelis Ayebae, plans to invest approximately $100 million in a cutting-edge production facility in the Lekki Free Trade Zone. This initiative is in line with the company’s objectives to increase Nigeria’s healthcare self-sufficiency, with an emphasis on tackling the country’s continuing HIV pandemic.
The development followed Fidson’s strategic engagement with three Chinese enterprises to establish a regional pharmaceutical hub. The new institution will play an important role in helping Nigeria’s healthcare system, particularly in combating the HIV epidemic, which affects an estimated 2 million people.
Fidson, known for addressing crucial gaps in Nigeria’s pharmaceutical supply chain, has made significant contributions to the sector. The company, which previously produced items for multinational brands such as GlaxoSmithKline, has debuted over 16 new products since mid-2022.
“We are confident that by leveraging our experience and expertise in the development of innovative drugs, we will enhance the well-being of patients,” Fidson said in a statement, underlining the significance of its recent collaboration with Chinese enterprises.
Nigeria continues to face a public health crisis, with 1,400 new HIV infections reported weekly in 2022. Fidson’s investment in this new facility is expected to improve the country’s ability to combat the pandemic while also increasing domestic drug production.
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.
The company recently received shareholder approval to fund N20 billion ($26.3 million) through a share sale to support its expansion aspirations. A collaboration with three Chinese companies is a significant step toward establishing a new plant in Lekki.
The company’s financial performance reflects its objective, with a 30% revenue increase from N40.63 billion ($28.7 million) in 2022 to N53.05 billion ($37.48 million) in 2023, reinforcing its supremacy in Nigeria’s pharmaceutical industry.
