Construction giant Julius Berger Nigeria plans shift to energy sector
Abuja — Julius Berger Nigeria, the largest construction company by market value in the West African nation, plans to acquire oil assets and expand into the power industry as it seeks to diversify its business and stay competitive after the country’s worst economic slump in decades. The Abuja-based company, which derives two-thirds of its earnings from government contracts, is also considering bidding for business in other countries in the region, such as Ghana, Benin and Ivory Coast, where it has conducted market studies, MD Wolfgang Goetsch said on Tuesday in an interview in the Nigerian capital. "Within Nigeria, we aim to diversify our business beyond our core competence of civil engineering, looking into power and oil and gas or to diversify outside the country but only in our core business," he said. "We believe with strategic partners that we are more attractive to clients who want to have a whole industrial or power plant." Julius Berger, operating in Africa’s most populous co...
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