Portuguese construction company, Mota-Engil Africa has signed a $1.8 billion joint venture agreement with Nigeria.
Chief Executive Officer of Mota’s Africa Unit, Manuel Antonio Mota said the time to enter Nigeria is now because of the higher demand for building projects as increase in oil prices bolsters the country’s revenue.
Under the new venture, Mota-Engil will hold 51 percent in the venture while Shoreline Group, an independent Nigerian oil producer, will hold 49 % stake.
Mota-Engil Africa is no longer focusing on selling shares in an initial public offering, following a failed attempt in 2014 due to bad market conditions.
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