Nigeria’s federal cabinet has approved the set up of an NGN100 million vaccine plant in May & Baker, an indigenous pharmaceutical company.
The announcement has seen a jump in the share price of May & Baker on the Nigerian Stock Exchange.
Health Minister Isaac Adewole told journalists that the joint venture would be based in the commercial capital Lagos with the government holding a 49% stake and the pharmaceutical firm the rest.
“It will take off in 2017,” he said, adding that a final agreement would be signed within two weeks.
“The company between 2017 and 2021 will produce basic vaccines that we need,” he said.
May & Baker has could not make a comment on the new deal as at the time of writing the report.