The Nigeria government under the leadership of President Muhammadu Buhari, has revealed that it is in talks with the World Bank and other relevant international bodies to obtain a $30 million loan to build a vaccine plant in Nigeria. ayokinews.com reports
This was made known by the Vice President, Prof. Yemi Osinbajo, who represented President Muhammadu Buhari, at the graduation of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies on Saturday.
President Buhari, stated that the proposed construction of vaccine plant which is to be built in collaboration with May & Baker Nigeria Plc would commence next year.
“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.”
Buhari, said that if not for the swift response and good policies of his government, the COVID-19 pandemic would have wrecked daunting havoc on the Nigeria economy.
The President Muhammadu Buhari administration had earlier in September, been attacked by the People’s Democratic Party (PDP), over what it called reckless borrowing.
The PDP lamented that the ruling All Progressive Congress (APC), had already accumulated a massive debt of N33.107 Trillion, while noting that the government had nothing to show but decayed infrastructures and a depressed economy state.