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Business News

Nigeria spends N8 billion annually to import vaccines 

No less than N8 billion could be saved annually from production of local vaccine as FG plans to go into a joint venture with Biovaccines.

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May & Baker's margins improve despite revenue contraction, May & Baker Nigeria signs agreement with Sanofi Nigeria, Nigeria spends N8 billion annually to import vaccines 

No less than N8 billion could be saved annually from production of local vaccines as the Federal Government plans to go into a joint venture with Biovaccines Nigeria Limited.

When the Federal Government embarks on the production of life-saving vaccines locally by 2024, the N8 billion being spent on vaccine importation would be saved.

Biovaccines Nigeria Limited

Speaking on the local production of vaccines, the Group Managing Director/Chief Executive Officer, May & Baker Nigeria Plc, Nnamdi Okafor said that the vaccine company is currently finalizing the procedures on how to produce vaccines effectively in the country.

He made known that the work being put into the vaccine production by BVNL would take about three to four years before the output can be seen clearly by Nigerians.

According to Okafor, Nigeria spent about N8 billion to import vaccines, which constitutes a burden on the country’s foreign exchange (forex). He said the debut of the local vaccines in Nigeria will enable the government to save this N8 billion for national development.

[READ MORE: Nigeria spends $270 million on cyber attacks)

Okafor’s words: “But there are some other services around the current procurement process or logistics for bringing in the vaccine. For instance, the government pays about 6% as administrative charges to UNICEF that currently brings in vaccine into Nigeria.

 “Government spends a lot of money bringing in the vaccines, planning them into boxes and all of that. That would be substantial savings of forex with the debut of the local vaccine. Of course, there are some other technical things around vaccine experts that come in to do certain things, especially with the handling of the vaccine here in Nigeria. There are times to come when Nigeria will have the capacity to handle all those functions so that the cost of hiring those services will be saved.

 “Above all, Nigeria is going to save lives because sometimes when you have an epidemic in the country, the reaction time is low or very slow if you have to bring vaccine from outside,” Okafor added.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business News

Ghana-Nigerian traders dispute: FG to send delegation to Ghana

The delegation will be led by the Minister of Trade, Niyi Adebayo, and comprised of other private stakeholders.

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AfCFTA: Trade Minister advises Nigerian businesses to take opportunity of agreement

The Nigerian Government will send a delegation led by the Minister of Trade, Niyi Adebayo, to Ghana to end the crisis between Nigerian traders in Ghana and local authorities—an issue that started last year before the Ghanaian Presidential elections.

The delegation was ordered by the Presidency as disclosed in a statement by the trade ministry on Monday evening.

The statement revealed that the delegation would be comprised of private stakeholders also who would be sent to dialogue with Ghanaian trade authorities to find a solution to the crisis.

The meeting between both parties will be held between May 31 and June 1, 2021.

What you should know

Recall Nairametrics reported last year that Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months, reacting to the shutdown of Nigerian-owned shops by Ghanaian authorities last year.

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Economy & Politics

Insecurity: Presidency confirms attempted burglary at home of Chief of Staff

The Presidency has confirmed that the home of the Chief of Staff, Prof. Ibrahim Gambari, was the scene of an attempted burglary.

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Ibrahim Agboola Gambari. 

The Presidency has confirmed that the home of the Chief of Staff, Prof. Ibrahim Gambari, was the scene of an attempted burglary incident and that the police is actively looking for a suspect. The Chief of Staff lives close to the Villa.

This was disclosed in a statement by the media aide to the presidency, Garba Shehu, on Monday evening.

What the Presidency is saying

“The Chief of Staff, Professor Ibrahim Gambari has confirmed that there “was a foolish attempt” to burgle his residence at 3:00 am this morning but it turned out to be unsuccessful.

Professor Gambari, whose house is on a street next to the Villa has assured that there is nothing to worry about from the incident.”

He added that the police was also actively searching for a suspected burglar who, as captured by CCTV, unsuccessfully attempted to break into the house of Maikano Abdullahi on Thursday, last week. Abdullahi also lives on the same street as the Chief of Staff, close to the Villa.

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