The Federal Government has approached the World Bank for a loan of $30 million to be used for the building of a COVID-19 pandemic vaccine plant in the country.

President Muhammadu Buharii, who gave this hint at the graduation ceremony of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies, confirmed that the government was currently in talks with the World Bank to obtain the loan

Represented at the ceremony by the Vice President, Prof. Yemi Osinbajo, the President was optimistic that the vaccine plant, which is to be built in collaboration with May & Baker Nigeria Plc, would commence latest 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 added.

It would be recalled that in January, the government approved a total of N10 billion to support the production of local vaccines.

The Minister of Health, Dr, Osagie Ehanire, said: “The ministry of finance has released N10 billion to support domestic vaccine production. While we are working to develop our own vaccines, Nigeria is exploring options for licensed production in collaboration with recognised institutions.

“We are also exploring the option of local production of the vaccines in-country and have had discussions with a producer”, the minister stressed.

Over the past year, the continued outbreak of the pandemic has exposed the need for vaccines to be locally produced in Africa, as challenges to purchasing adequate doses for African countries have led to “vaccine nationalism” globally.

Recently, the Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, also lent her voice to the need for Nigeria to consider the option of building the capacity for manufacturing vaccines locally.