• Sunday, June 23, 2024
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SWF to visit Fidson, likely to provide support on inputs, machinery



The Sovereign Wealth Fund is expected to visit Fidson Healthcare Plc soon to support the firm in the areas of raw materials access and acquisition og needed machinery/equipment.

Isaac Folorunso Adewole, minister of health, disclosed this in Lagos during a tour of Fidson’s new N9 billion factory in Sango-Ota, which lasted into the night.

“We will get the Sovereign Wealth Fund to visit next week so that there can be support in terms of getting more raw materials and needed equipment,” Adewole said.

The SWF is managed by the Nigeria Sovereign Investment Authority (NSIA). The SWF houses surplus income produced from Nigeria’s excess oil reserves is deposited. It was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria.

According to  Adewole, the Federal Government would support companies like Fidson in the areas of patronage, waivers, and tax reliefs to ensure continuity of production in a sustainable manner, adding that he and Okechukwu Enalamah, minister of industry, trade and investment, had written on the reversal of the Common External Tariff (CET) which places five to 20 percent duty on importation of pharmaceutical inputs but zero tariff on finished drugs.

“It is estimated that Nigeria loses $1 billion every year on health tourism. Having visited here, we will continue to make sure the facilities are upgraded and also build trust. The challenge is that even when the facilities are there, people are losing trust. So our primary assignment is to build trust and tell Nigerians it can be done,” he stated, adding that the new administration in Nigeria had decided not to owe drug makers.

“The new philosophy is, don’t buy what you cannot pay for and we are also committed to clearing our debts,” he said.

In the mean time, Lagos State Government has commended Astymin for its relentless commitment to the academic development of Nigerian children through the brand’s annual flagship programme, Astymin Brilliance Reward.


Speaking at the 16th edition of the Astymin children academic reward program tagged ‘Astymin Brilliance Reward’ held at Grange School, Lagos, Idiat Oluranti Adebule, deputy governor of the state, said Astymin’s commitment and contributions to the development of education and academic performance of the Nigerian child was commendable and worthy of emulation by other brands.


Adebule, who was represented at the event by Magareth Titilayo Solarin, permanent secretary, education district 2, said the brand had done well in encouraging children to strive for excellence in their academic pursuit by recognising and rewarding the best-performing pupils in states like Lagos, Ogun, Oyo, Osun, Enugu and Anambra.


She said children’s educational development was not negotiable and encouraged all stakeholders, including teachers, parents and other corporate bodies to take a cue from Astymin and play their parts in the academic development of the Nigerian children, as they are the future of the nation.


Also speaking, Ismail Magareth Morenike, director of co-curricular department of State Universal Basic Education Board (SUBEB), expressed her gratitude to Astymin for the reward programme.


The Astymin Brilliance Reward, which berthed in 2010, is the brand’s biggest and most prestigious event.  The programme is aimed at developing mental and academic performance, while rewarding hard work and academic excellence amongst primary school pupils, through special acknowledgment and provision of educational materials.