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Mota-Engil Africa Eyes $1.8 Billion Building Projects in Nigeria

  • CEO expects rising crude prices to bolster Africa construction
  • Africa unit initial public offering no longer seen as priority
Construction At A Mota-Engil SGPS SA Development
Photographer: Mario Proenca/Bloomberg

Portuguese construction company Mota-Engil SGPS SA is looking at projects in Nigeria worth as much as 1.5 billion euros ($1.8 billion) after signing a joint venture with a local company to enter Africa’s largest economy and the continent’s biggest oil producer.

“The projects in Nigeria that are currently on the table vary between 20 million euros to 1.5 billion euros,” Manuel Antonio Mota, chief executive officer of Mota’s Africa unit, said in an interview on Tuesday on the sidelines of the EurAfrican forum in Estoril, near Lisbon. “This could make a big difference to our order book.”