Pres. Buhari Approaches World Bank, Others For $30million Loan To Build Vaccine Plant In Nigeria

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. 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.

Pres. Buhari Approaches World Bank, Others For $30million Loan To Build Vaccine Plant In Nigeria
World Bank

“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.”

President Buhari Urges Nigerians To Support Locally Made Goods

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.

About Amadu Victor Oluwadamilare 559 Articles
Amadu Victor Oluwadamilare is the CEO/Founder of Ayoki News Media, an international informative media platform, aimed at dispensing good and reliable source of information.

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