Nigeria seeks N12.3bn loan from World Bank, others to finance vaccine production plant

Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about N12.3 billion ($30 million) to help finance the construction of a vaccine production plant.

This is coming 30 years after the only production facility was shut.

In an interview with Bloomberg, Oyewale Tomori, chairman of Biovaccines, which is 49 percent owned by the Nigerian government with the balance held by May & Baker Nigeria Plc, said construction of the plant will begin in the first quarter of 2022.

“We have done the last stages of our discussion with the International Finance Corp., Tomori, added

READ ALSO: Nigeria receives 177,600 doses of J&J COVID-19 vaccine

He also noted that biovaccines is in talks with companies in India and Indonesia to transfer technology, used.

“The plant in Otta, in the nation’s southwest Ogun State will initially “fill and finish” vaccines while full manufacturing “will come with time” and in collaboration with foreign partners.

Fill and finish involves importing the raw material for the vaccines and then packaging it for distribution. South Africa’s Aspen Pharmacare Holdings Ltd. and the Biovac Institute operate similar facilities.

Tomori continues, “The plan is to manufacture vaccines against common diseases including yellow fever and measles. However, Biovaccines is discussing with the government to expand the mandate to include production of Covid-19 vaccines, which wasn’t in the original joint venture agreement.

“The plant will have the capacity to inoculate about 10 million people every year,” he said.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now