The federal government of Nigeria has approached the World Bank to obtain a loan of $30 million for the purpose of building a vaccine plant in the country. Information Guide Nigeria
In a report filed by NAIRAMETRICS, the President of Nigeria, Muhammadu Buhari said that his administration is currently negotiating with the World Bank to obtain funds channelled towards building a vaccine plant in Nigeria.
According to the President, the vaccine plant which is to be built in collaboration with the Nigerian drugmaker, May & Baker Nigeria Plc, would begin next year.
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NAIRAMETRICS reports that the president who was represented by Vice President, Osinbajo, at the graduation ceremony of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies, said: “Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about $30 million to help finance a vaccine plant – Biovaccines Nigeria Ltd, (with 49 per cent of the company owned by the Nigerian government and the balance held by May & Baker Nigeria Plc), plans to begin construction of the plant in the first quarter of next year.
“The plant will initially ‘fill and finish,’ which means importing the raw materials for the vaccines and then packaging them for distribution. Full manufacturing is expected to follow.” Jamb Result
Recall that earlier this year, in January, the Federal government through the ministry of finance, approved a total of N10 billion to support the production of local vaccines.
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