In a groundbreaking development announced amidst the proceedings of #IATF2023 in Cairo, Egypt, the African Export Import Bank (Afreximbank) and Innovative Biotech Limited (IBL) have joined forces through the signing of a Project Preparation Facility Agreement. This strategic collaboration is poised to usher IBL into the vanguard of healthcare innovation, signifying a momentous stride forward for the industry.
Dr. Simon Agwale, the Chief Executive Officer of Innovative Biotech Limited, shared insights with The Guardian on Monday, unraveling the visionary contours of this transformative project. At its epicenter lies the establishment of a state-of-the-art vaccine manufacturing facility situated in Keffi, Nasarawa State, Nigeria. Designed to operate under the rigorous framework of Current Good Manufacturing Practice (“cGMP”) regulations, this facility is meticulously crafted to produce a spectrum of vaccines, ranging from the likes of Typhoid and Rotavirus to Pentavalent/Hexavalent formulations.
Dr. Agwale, a distinguished vaccinologist, delineated the extensive aspirations of the venture, articulating a roadmap that extends to the production of critical vaccines such as Coronavirus 19 (COVID-19), HIV, Ebola, HPV, and Lassa. Impressively, the facility envisions achieving an annual production capacity of a staggering 225 million doses, underscoring its commitment to meeting pressing healthcare needs on a substantial scale.
A noteworthy aspect of this collaboration is Afreximbank’s multifaceted involvement. Beyond its financial contribution, the bank assumes a pivotal role by providing critical early-stage preparatory capital. This strategic support not only mitigates risks associated with the project but also expedites its trajectory towards bankability. Importantly, Afreximbank’s intervention aligns seamlessly with the overarching vision of the African Union, aiming to ensure that a significant portion—specifically, at least 60%—of routine vaccines for Africa are produced on the continent by the year 2040.
Afreximbank
The formalization of this pivotal agreement transpired through the signatures of Mr. Haytham El Maayergi, Executive Vice President, Global Trade Bank, Afreximbank, and Dr. Simon Agwale, the Founder and Chief Executive Officer of Innovative Biotech Limited. This confluence of financial acumen and healthcare expertise holds the promise of not only reshaping the landscape of vaccine manufacturing in Nigeria but also contributing substantially to the broader goal of enhancing healthcare sustainability across the African continent.
