The Federal Executive Council (FEC) on
Wednesday approved a plan to set up a joint venture with pharmaceutical
firm, May & Baker Nigeria Plc to produce vaccines, with an
initial capital of 100 million naira.
The minister of health, Isaac Adewole told reporters after the FEC meeting that the joint venture would be
based in Nigeria’s commercial capital, Lagos.
The deal will see the Nigerian government
holding 49 percent while the pharmaceutical firm holds the rest.