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HomeTop NewsNigeria's sovereign wealth to raise $200 mln to support local vaccine production

Nigeria’s sovereign wealth to raise $200 mln to support local vaccine production

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By Oludare Mayowa

The Nigerian Sovereign Investment Authority (NSIA) plans to raise $200 million as part of funding to support the country’s initiative to create local capacity for research and production of vaccine.

According to President Mohammadu Buhari during his independent anniversary broadcast, the NSIA fund raising would complement the Central Bank of Nigeria (CBN) N85 billion initiative to support the health sector research and development.

Recall that the CBN had a N85 billion intervention fund to support local researchers in the development of vaccines and drugs to combat communicable and non-communicable diseases, including COVID-19.

“As we push to source vaccines for our immediate needs, we shall invest more to support our pharmaceutical and research agencies to come up with ideas for locally developed vaccines.

“Should another pandemic arise in the future, Our question is simple; will Nigeria be ready,” the president stated.

The president stated that he has “directed the Ministries of Finance, Budget and National Planning, Health, Education and Science and Technology to work with Nigerian and International pharmaceutical companies and research organisations to enhance Nigeria’s domestic pharmaceutical capacity.

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​“I will therefore appeal to Nigerians not to take COVID lightly, adhere to public health and social measures, put your mask on and get vaccinated.

“We can control this pandemic, but it requires effort on everybody’s part.”

“The investments we made in response to COVID-19 will also serve our country to tackle any future disease outbreaks or pandemics,” Buhari said.

He also campaign for the need for the global community to support developing world to have access to vaccines.

He said while Nigeria has so far administered some five million vaccine doses to Nigerians, the country will continue to intensify efforts to get more vaccines for the country.

“We will continue to explore options for purchase or acquisition of vaccines such as through COVAX and the African Vaccine Acquisition Trust.”

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