The Nigerian Sovereign Investment Authority (NSIA) is raising a $200 million fund for the enhancement of Nigeria’s domestic pharmaceutical capacity.
The fund is expected to complement the Central Bank of Nigeria (CBN)’s ongoing N85 billion Healthcare Sector Research and Development Intervention Scheme to support local researchers in the development of vaccines and drugs to combat communicable and non-communicable diseases, including COVID-19.
This was disclosed by President Muhammadu Buhari in his 2021 Independence Day speech to mark Nigeria’s 61st independence anniversary.
Speaking on equitable global distribution of COVID-19 vaccines, he lamented that the current lack of access to the vaccines was unacceptable.
According to him, “some five million vaccine doses have been administered to Nigerians through efforts led by the National Primary Health Care Development Agency and we will continue to explore options for purchase or acquisition of vaccines such as through COVAX and the African Vaccine Acquisition Trust.
“I will take this opportunity to remind the global community that the current state of access to COVID-19 vaccines is unacceptable. We cannot afford a situation where a handful of countries keep the global vaccine supply to themselves at the expense of other nations.
“We must act now to accelerate equitable distribution of COVID-19 vaccines. This is the message I conveyed to the international community in New York last week.
“As we push to source vaccines for our immediate needs, we shall invest more to support our pharmaceutical and research agencies to come up with ideas for locally developed vaccines. Should another pandemic arise in the future, Our question is simple; will Nigeria be ready?
“Accordingly, I have directed the Ministries of Finance, Budget and National Planning, Health, Education and Science and Technology to work with Nigerian and International pharmaceutical companies and research organisations to enhance Nigeria’s domestic pharmaceutical capacity.
“Already, the Nigerian Sovereign Investment Authority is raising a $200 million fund for this initiative that will complement the Central Bank of Nigeria’s ongoing N85 billion Healthcare Sector Research and Development Intervention Scheme to support local researchers in the development of vaccines and drugs to combat communicable and non-communicable diseases, including COVID-19.”