ADVERTISEMENT
FG partners May & Baker for local vaccine production in 2017
Nigeria spend over N7 billion annually importing vaccines into the country, with about 80 percent cost of vaccines being subsided by Global Alliance for Vaccines and Immunisation (GAVI).
Vaccine in vial with syringe
ADVERTISEMENT
Recommended articles
Towards actualizing this, the Federal Executive Council (FEC) approved a joint venture agreement between the Federal Government and May & Baker to produce vaccines needed in the country.
This information was disclosed to State House correspondents after the weekly FEC meeting by the Health Minster, Professor Issac Adewole after the weekly Council’s meeting which was presided over by Acting President, Professor Yemi Osinbajo.
Mr Adewole also revealed that FG owns 49 percent of the joint venture while May and Becker would own 51 percent.
ADVERTISEMENT
“Between 1940 and 1991, Nigeria was not only producing vaccines such as smallpox, yellow fever, and anti-rabies vaccines but we also exported to Cameroon, Central African Republic and a few other countries.
“In 1991 the Vaccine Production Laboratory stopped production ostensibly because the government wanted to reactivate and upgrade the facility which did not take place until today.
The Global body has informed the government that it will be stopping this subsidy by 2022.
“What Council did today was to put life into this joint venture agreement that proposes to establish a company called Bio-vaccines Ltd which will be jointly owned by Federal Government of Nigeria and May and Baker Plc,” the Minister stated.
The company, with a take-off capital of N2.5 billion, is expected to meet the basic vaccines need of the country.
ADVERTISEMENT
The Minister of Science and Technology, Dr Ogbunnaya Onu who also briefed the correspondents, said for too long Nigeria had depended on the importation of raw materials and products at the detriment of nation’s economy.
He noted that Nigeria was a great nation that was enriched with abundant natural resources and “it doesn’t make sense that Nigeria has been importing what it has from outside the country.’’
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
How SafeHamsters unlocks the potential of crypto betting| Insider Tips
A look into the diverse tax reforms being implemented across Africa
Dubai firm to lend South Sudan $12.9 billion in exchange for 20 years oil repayment
China dethrones USA as the most influential global power in Africa: Report
Major African economies expecting inflation ease into next year, except Nigeria
10 African countries with the lowest price changes in household commodities
Dangote refinery outranks Europe's 10 largest refining facilities
Africa may just have the lowest level of cyber threats compared to other regions
