Israeli firm wins Nigerian highway deal

Israeli firm 1572 Solel Boneh has won a major contract in Nigeria to rebuild and widen the highway connecting Lagos with Ibadan. The US$580 million deal was awarded by the Nigerian Government and the contract involves widening the road, rebuilding the Ibadan-Shagamu section of the highway, rebuilding and maintaining 14 overpasses and bridges as well as improving drainage. Lagos and Ibadan are amongst the largest cities in Africa and the highway carries a huge traffic volume, so the upgrade work is crucial. Contracts are often fraught with difficulties for foreign firms operating in Nigeria but Israeli companies have a long history of working in the country. Financing for the deal has still to be completed but Solel Boneh is a division of Shikun & Binui Holdings (SKBN), which has strong access to funding sources.