The Federal Executive Council (FEC) has approved a proposal for a joint venture with pharmaceutical firm, May & Baker, for the production of vaccines in the country.
Minister of Health, Prof Isaac Adewole, while briefing newsmen on outcome of the weekly FEC meeting held yesterday and presided over by the Acting President, Mr Yemi Osinbajo, said all things being equal, the production of vaccines would commence this year in Lagos.
According to him, the Federal Government will control 49 percent stakes of the new venture called Bio-vaccines Ltd, while May & Baker will have the remaining 51 percent.
“The new company will kick off in 2017 and the company will between 2017 and 2021. During this time, the firm will produce the basic vaccines we need,” Mr Adewole told newsmen.
He said that the company would have an initial capital of N100 million and equity contributions of N1.3 billion and N1.27 billion.
Speaking further, he explained that the FG’s equity in the deal is the release of the Federal Vaccine Production Laboratory in Lagos to May & Baker for the start up.
On the board of Bio-vaccines Ltd, the Minister said, will be made up of seven people, four from May & Baker and three from the Federal Government.