Nigerian pharma tycoon Fidelis Ayebae's Fidson receives support to expand production capacity

Timilehin Adejumobi -
Key Points
  • Fidson Healthcare secures a partnership with NEXIM to boost production and distribution in Africa’s growing pharmaceutical market.
  • NEXIM provides Fidson with financial backing, advisory services, and collaborative opportunities to support the company’s growth into a pharmaceutical powerhouse.
  • Fidson plans a $100-million investment in a manufacturing facility at Lekki Free Trade Zone to expand its reach and address key healthcare needs.

Fidson Healthcare Plc, a leading Nigerian pharmaceutical company founded and led by Fidelis Ayebae, has secured a significant partnership with the Nigerian Export-Import Bank (NEXIM) to advance its production and distribution capabilities.

This collaboration is expected to position Fidson for a stronger presence in Africa's rapidly expanding pharmaceutical market.

NEXIM’s comprehensive support for local industry

At a recent meeting held at NEXIM’s Abuja headquarters, the bank’s Executive Director of Business Development, Stella Okotete, emphasized NEXIM’s dedication to supporting local industries like Fidson.

Okotete highlighted that the bank's support goes beyond financial backing, offering advisory services and collaborative opportunities to help Fidson grow into a major pharmaceutical powerhouse in Africa.

Fidson Deputy Managing Director Abiola Adebayo expressed optimism about the company’s growth potential through strategic partnerships, stating that investments are crucial to solidifying Fidson’s leadership in Africa's pharmaceutical sector.

Finance Director Imokha Ayebae further underscored the importance of navigating regulatory challenges and called for financial assistance to boost manufacturing and distribution capacities.

Fidson’s strategic moves in Nigeria’s pharma sector

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.

As part of its ambitious expansion strategy, Fidson recently unveiled plans to invest $100 million in a state-of-the-art manufacturing facility at the Lekki Free Trade Zone, focusing on addressing healthcare needs, including the HIV epidemic. It has also partnered with Chinese firms to establish a new pharmaceutical plant in the same location.

The company's financial success reflects its ambitious growth plans, with revenue increasing by 30 percent, from N40.63 billion ($28.7 million) in 2022 to N53.05 billion ($37.48 million) in 2023, solidifying its leadership in Nigeria’s pharmaceutical industry.