The Federal Executive Council (FEC) has approved joint venture agreement between the Federal Government and May&Baker plc to produce vaccines from 2017 to 2021.
The Minister of Health, Prof. Isaac Adewole Confirmed this development when he briefed State House correspondents on the outcome of the Council’s meeting which was presided over by Acting President Yemi Osinbajo.
Adewole revealed that the federal government would own 49 per cent of the joint venture while May and Becker would own 51 per cent.
“Between 1940 and1991, 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 government wanted to reactivate and upgrade the facility which did not take place till today.
“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,” Adewole said.
According to the minister, the board of the company will comprise seven people, four from May and Baker and three from federal government.
He said the company would be expected to meet the nation’s basic vaccines requirements in the next four years with a take-off capital of N100 million.
Adewole added that May and Becker would make an equity contribution N1.3 billion while the federal government would contribute N1.2 billion
He said: “The company between 2017 and 2021 will produce basic vaccines that we need.
“We have considered vaccines as a security issue, it is not only health but we need to consider the security of all Nigerians particularly our children.
“So, with this agreement we will be able to produce those common vaccines and from 2021 and beyond other vaccines that are necessary will also be out in board for administration to Nigerians.
“We are quite happy that today it has taken place and we believe that Nigeria has started a journey to vaccines security.’’
The minister announced that his ministry also presented to the Council the report on the outbreak meningitis.
“We are happy to inform the nation that we are almost at the end of the outbreak.
“What we are now doing is to now prepare to ensure that this does not repeat itself next year.’’
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