The Federal Executive Council (FEC), highest policy making organ of the Federal Government of Nigeria has at its meeting of May 31, 2017 ratified a joint venture agreement (JVA) between the Federal Government of Nigeria and May & Baker Nigeria PLC for local production of vaccines.
This decision will benefit all Nigerian citizens and residents, especially children and mothers, ultimately ensuring sustainable availability of routine immunization vaccines in the country.
The Minister for Health, Professor Isaac Adewole, who made this disclosure after the FEC meeting which was chaired by the Acting President, Yemi Osinbajo said that Federal government will own 49 per cent of the joint venture while May & Baker will own 51 per cent of the joint venture company, Biovaccines Nigeria Ltd.
He explained that while the government will contribute N1.2 billion, M&B is expected to contribute N1.3 billion as its equity contribution.
According to him, "the composition of the seven Board members will be three from the government and four from the management of May & Baker.
Meanwhile, the Managing Director/CEO of May & Baker Nigeria Plc, Mr. Nnamdi Nathan Okafor, said that he considers local vaccines production a health security issue, adding that contrary to sectional views, the recently announced FG/M&B JVA did not happen overnight.
According to him, “It is a journey that started since 2003 when May & Baker approached the President Obasanjo led government to resuscitate the moribund Federal Government owned vaccine production laboratory (VCL) Yaba, Lagos which stopped production since 1991.
Mr. Okafor commended the Federal Government of Nigeria, under the leadership of President Mohammadu Buhari and the Health Minister, Prof. Adewole for this bold inspiring step, and promised that tough as the project is, May & Baker will make it happen in a record time frame.