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Nigeria Currently In Talks With World Bank And Other Lenders For $30 Million Loan To Build Covid-19 Vaccine Plant – VP Osibanjo

The Federal government of Nigeria has just announced that they are currently in talks with the world bank lending arm and other lenders, to borrow about $30 million to build a covid-19 vaccine plant in the country.

They revealed that the plans to begin the construction of the vaccine plant would take place next year, 2022 while they claimed that the project would be carried out between a private company Biovaccines Nigeria Ltd, (with 49 per cent of the company owned by the Nigerian government and the balance held by May & Baker Nigeria Plc).

Nigeria Currently In Talks With World Bank And Other Lenders For $30 Million Loan To Build Covid-19 Vaccine Plant VP Osibanjo

This was made known to the public by the Vice President Osinbajo, at the graduation ceremony of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies, the President 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.

Nigeria Currently In Talks With World Bank And Other Lenders For $30 Million Loan To Build Covid-19 Vaccine Plant VP Osibanjo

“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.”

This information has come with a lot of backlash from the people as most social media users were of the opinion that borrowing wasn’t the best option for the country and wondered why the current government are so much in love with borrowing.

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Source: www.seniorngr.com

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