The Federal Executive Council (FEC) has approved an investment case made by the Federal Ministry of Health for vaccines production in Nigeria.The vaccines will be manufactured in a Joint Venture collaboration between the Federal Government of Nigeria and May & Baker Nigeria PLC between 2017 and 2021.
The Nigerian government and 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; and more advanced vaccines from 2021. The company will have an initial capital of N100m (about $328,515).
Minister of Health, Issac Adewole made this known while briefing State House correspondents after the FEC meeting presided over by Acting President Yemi Osinbajo. He Said:
“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. 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.”
Minister of Health, Prof. Isaac Adewole, added that the vaccine production 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.
Minister of Health, Prof. Isaac Adewole added that May and Becker would make an equity contribution of N1.3 billion while the federal government would contribute N1.2 billion. The board of the company will comprise seven people, four from May and Baker and three from the federal government of Nigeria.