Nigeria to Collect $30 Million Loan to Build COVID 19 Vaccine Plant

• The federal government of Nigeria has approached the World Bank in the hopes of obtaining another loan of $30 million

• This fund is set to be out towards the country’s efforts of building a COVID 19 vaccine plant

• President Buhari hopes that the construction of the vaccine plant will commence next year, in collaboration with May & Baker Nigeria Plc

The federal government has approached the world bank to obtain a loan of $30 million to build a COVID 19 vaccine plant.

President Muhammadu Buhari disclosed that the funds if obtained will aid the vaccine plant construction in Nigeria.

The plant is expected to be built in conjunction with drugmaker, May & Baker Plc and plans for the building will start in the first quarter of 2022.

The president disclosed this through Vice President Osinbajo who spoke at the graduation ceremony of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies.

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 COVID 19 vaccine plant”.

The plant will initially be used to import the raw materials for the vaccines, package and distribute them. However, full manufacturing is expected to kickstart as time goes.

Read also: Lagos Commissioner Issues COVID 19 4th Wave Warning

The COVID 19 pandemic has exposed the need for Nigeria to produce its vaccines locally as the country has received a low supply of vaccines compared to USA and most European countries.

In the last report on Sunday, the National Primary Health Care Development Agency disclosed that 6,079,895 eligible Nigerians have received the first dose of the vaccine while 3,402,492 have been administered the second dose.

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