Mota-Engil Africa signs $1.8b J-Venture with Nigeria

Portuguese construction company Mota-Engil SGPS SA is looking at projects in Nigeria worth as much as $1.8 billion after signing a joint venture with Nigeria to enter Africa’s largest economy and the continent’s biggest oil producer.

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.

Angola currently represents Mota-Engil’s largest African market, where the company currently has a backlog of work worth $3.5bn. In total, the firm works in 14 African nations.

July 12, 2018