Buhari approaches World Bank, others for $30million loan to Build vaccine plant in Nigeria

Nigeria’s President Muhammadu Buhari has said his government is in talks with the World Bank to obtain $30 million to build a vaccine plant in Nigeria.

Buhari, represented by Vice-President Yemi Osinbajo, made this known in Jos on Saturday during the graduation of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies.

The President said the vaccine plant will be built in collaboration with May & Baker Nigeria Plc and will commence next year.

He 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.”

Buhari said but for providence and the good policies of his government, the COVID-19 pandemic would have wreaked unimaginable havoc on the Nigerian economy.