FG to partner May & Baker in Local Production of Vaccines.
The Federal Government through its official, verified Twitter platform, has announced that Nigeria will soon, within the year, commence local production of vaccines.
According to the report, The Federal Executive Council (FEC) had on May 31st, 2017, approved an investment case made by The Federal Ministry of Health, for vaccines production in Nigeria.
The vaccines will be manufactured in Joint Venture collaboration between the Federal Government of Nigeria and May & Baker Nigeria PLC.
The Federal Government & May & Baker will see a 49% and 51% ownership, with a 3:4 board membership composition respectively.
The Joint Venture will facilitate production of basic vaccines that Nigeria needs between 2017 & 2021; & more advanced vaccines from 2021
The company will have an initial capital of N100m (about $328,515).
Final agreements between the Federal Government and May & Baker Nigeria PLC will be signed within the next two weeks.
This initiative is not Nigeria’s first attempt at local vaccines production.
Between 1940 & 1991, Nigeria not only produced vaccines for local use, but also exported to neighboring countries like Cameroon & CAR
We aim to protect citizens, especially children; & increase revenue through this investment in local vaccines production.