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We have approached World Bank for $30m loan to build vaccine plant – Buhari

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We’ve approached World Bank for $30m loan to build vaccine plant – Buhari

President Muhammadu Buhari (retd.), has disclosed that his regime is in talks with the World Bank to obtain $30m to build a vaccine plant in Nigeria.

He said he hoped that the vaccine plant to be built in collaboration with May & Baker Nigeria Plc would commence next year.

Buhari, represented by Vice-President Yemi Osinbajo, made this known in Jos on Saturday during the graduation of Senior Executive Course 43 participants of the National Institute for Policy and Strategic Studies.

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The event was attended by Plateau State Governor, Simon Lalong, the Sultan of Sokoto, Muhammadu Sa’ad Abubakar, among other dignitaries.

Speaking through Osinbajo, the President said, “Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about $30m 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.

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“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.”

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