Nigeria to benefit as Afreximbank secures $2bn COVID-19 vaccines for Africa

The African Export-Import Bank (Afreximbank) has approved $2 billion for the purchase of 270 million doses of COVID-19 vaccines for African countries.

Benedict Oramah, president of the bank, was speaking at a virtual Africa Soft Power Series on Tuesday.

Oramah said Africa cannot rely on developed countries before obtaining COVID-19 vaccines as a delay will result in further loss of lives.

The bank president said the 270 million doses of vaccine will only cover around 15 percent of Africa’s population, which he described as a far cry from the 60 percent which the African Union (AU) targets within a given period.

He said the bank is seeking to raise funds for the acquisition of more COVID-19 vaccines, adding that Africa cannot be battling the virus when other countries have moved on.

“The African Union knows that unless you put the virus away, your economy can’t come back. If Africa doesn’t do anything, it would become a COVID-19 continent when other parts of the world have already moved on,” he said.

“Recall that it took seven years during the heat of HIV for them to come to Africa after 12 million people had died.

“With the assistance of the AU, we were able to get 270 million vaccines and financing need of about $2 billion. Afreximbank then went ahead to secure the $2 billion. But that money for the 270 million doses could only add 15 percent to the 20 percent that COVAX was bringing.”

On Wednesday, Ghana became the first African country to receive the Oxford-AstraZeneca COVID-19 vaccine from COVAX.

COVAX, which is co-led by the World Health Organisation (WHO) and GAVI Alliance, was launched in 2020 to mobilise resources for innovative and equitable access to COVID-19 diagnostics, treatments and vaccines.

Osagie Ehanire, the minister of health, said Nigeria may start taking delivery of COVID-19 vaccines from March.