BMO Hails World Bank’s $364m, Says It’ll Boost Health Industry – Complete News

Niyi Akinsiju, Chairman Buhari Media Organization, BMO

The Buhari Media Organization has commended the $364m Nigeria is getting from the World Bank and others for malaria drug production describing it as an unprecedented health initiative that will boost for local industry.

The president support group boasted that gesture from the global bank was a ‘further proof of global trust in the ability of the President Muhammadu Buhari  to judiciously utilise funds at his disposal.

In a statement signed by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, the BMO said the move would enhance local capacity in drug manufacturing.

“It is a thing of joy that the National Malaria Elimination Programme has succeeded in securing a commitment of $364m from the World Bank, Islamic Development Bank and the African Development Bank to, among others, support local manufacturers to produce malaria drugs.

“This speaks to the commitment of the Buhari (regime) to boost local businesses as well as improve employment opportunities in the country.

“A breakdown of the pledge shows that while the World Bank is promising to give Nigeria about $200m, IDB is pledging $100m and AfDB $64m. This shows trust at a time many countries are finding it hard to attract funding for a number of reasons.

“There is no doubt that this gesture will expand local production capacity as well as engender a sense of national pride in made-in-Nigeria goods, which is in line with the Nigeria-centric disposition of the Buhari administration.”

The group also said the government’s move was another step towards taking 100 million people out of poverty in 10 years.

 The group also reassured Nigerians of the regime’s commitment to boosting local industries and ensuring job creation opportunities as part of steps to put the economy on a firm path to sustainable growth.