Table of Contents
Key Points
- Fidson Healthcare will invest nearly $100 million in a new facility at Lekki Free Trade Zone, boosting Nigeria’s self-sufficiency in healthcare.
- A partnership with three Chinese firms will support Fidson's facility, aimed at combating Nigeria’s HIV crisis, affecting 2 million people.
- Fidson has seen a 30% revenue increase, reaching N53.05 billion ($37.48 million) in 2023, affirming its position as a key player in Nigeria's pharma market.
Fidson Healthcare Plc, a leading Nigerian pharmaceutical company chaired by Fidelis Ayebae, is set to invest nearly $100 million in a state-of-the-art production facility in the Lekki Free Trade Zone. This move aligns with the company’s efforts to bolster Nigeria’s self-sufficiency in healthcare, focusing on combating the country's ongoing HIV crisis.
The expansion follows a strategic collaboration between Fidson and three Chinese firms to create a pharmaceutical hub in the region. The new facility will play a vital role in supporting Nigeria’s healthcare infrastructure, particularly in addressing the HIV epidemic, which affects an estimated 2 million Nigerians.
Driving pharmaceutical innovation
Fidson, recognized for addressing critical gaps in Nigeria’s pharmaceutical supply chain, has made substantial contributions to the industry. The company, which previously manufactured products for global brands like GlaxoSmithKline, has introduced 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, emphasizing the importance of its recent partnership with Chinese firms.
Nigeria continues to face a public health challenge, with 1,400 new HIV infections recorded weekly in 2022. Fidson’s investment in this new facility is expected to strengthen the country’s ability to address the epidemic while boosting local drug production.
Revenue growth and strategic outlook
Since 2002, Fidson, led by Fidelis Ayebae, has grown from a local distributor into a key player in Nigeria’s pharmaceutical industry. In 2005, it became the first company in West Africa to locally produce antiretroviral drugs.
The company recently secured shareholder approval to raise N20 billion ($26.3 million) through a share offering, supporting its expansion plans. A partnership with three Chinese firms marks a major step toward building a new plant in Lekki.
The company's financial performance mirrors this ambition, with a 30 percent revenue surge from N40.63 billion ($28.7 million) in 2022 to N53.05 billion ($37.48 million) in 2023, reaffirming its dominance in Nigeria's pharmaceutical landscape.
