According to the BBC, the vaccine has been tested on 43,500 people in six countries and no safety concerns have been raised.
Two doses, three weeks apart, are needed and trials in US, Germany, Brazil, Argentina, South Africa and Turkey show 90 percent protection is achieved seven days after the second dose.
The vaccine is believed to be a way out of all the restrictions imposed on people around the world.
Nigeria and many other countries imposed restrictions as a means of curbing the spread of COVID-19 that have killed 1,263,787 across the world, according to Worldometer.
The broadcaster said the companies plan to apply for an emergency approval to be able to use the vaccine by the end of November.
Pfizer was quoted as saying that it will be able to supply 50 million doses by the end of 2020, and around 1.3 billion by the end of 2021.
Albert Bourla, the chairman of Pfizer, said they are one step closer to bringing an end to the COVID-19 global crisis.
“We are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis,” Bourla was quoted as saying.
