Nigeria Borrows $85M From Japan To Buy Polio Vaccines

nigeria borrows japan

May 26, 2014Nigeria Borrows $85 Million Dollars From Japan For Polio Eradication Vaccines

Nigeria has added another N1.38 billion to her $9.16 billion external debt after borrowing $85 million dollars loan from Japan to aid polio eradication in the country.

Nigeria’ minister of health, Professor Onyebuchi Chukwu who made this known in a recent news conference said the loan would be used in buying polio vaccines.

“The signing of the MOU is an important milestone for the country. It will help us to ensure the availability of vaccines and timely delivery.

“It is my hope that with the loan, polio will be interrupted this year,” Chukwu said.

“The loan will provide financial stability to the programme by fully funding oral polio vaccine for about 18 months from the time it is executed.”

Ryuichi Shoji, Japan’s Ambassador to Nigeria, said their financial contribution would build a robust bridge for Nigeria to achieve the goal of polio eradication.

He said the loan of 85 million dollars would have preferential interest rate of 0.2% per cent.

The loan will be utilised for procurement of polio vaccines for children under five years of age,” he said, noting that, Japan has partnered Nigeria for 14 years on polio.

“As long as a single child remained infected, children in all countries were at risk of polio.

As we speak Nigeria owes $9.16 billion in foreign debt.