Nigeria Completes Equity Commitment for Vaccine Production

The Ministry of Finance Incorporated (MOFI) presented documents in Lagos confirming the transfer of two properties located at No. 445 Herbert Macaulay Way and No. 1 University Road, Yaba, to Biovaccines Nigeria Limited (BVNL). This transfer fulfills the Federal Government's equity commitment under a Joint Venture Agreement with May & Baker Nigeria Plc, where the government holds a 49% equity stake and May & Baker holds 51%.

Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, emphasized the importance of local vaccine production for national security and reducing vulnerability to international supply chain disruptions. He urged BVNL's board, led by Professor Oyewale Tomori, to expedite operational progress.

Permanent Secretary Dr. Shuaib Belgore noted that the transfer would attract capital investment and international partnerships, facilitating technology transfer and infrastructure financing. The establishment of BVNL aims to save millions of children’s lives and strengthen Nigeria's health security by reducing dependence on imported vaccines.