The group's subsidiary, S.B.I, which engages in infrastructure projects worldwide, signed an agreement to pave and widen a highway in the Sagamu-Benin region.
The project includes restoring and widening the existing lanes, and renewing drainage canals and conduits.
The work will be carried out over three years.
S.B.I. is fully owned by Shikun & Binui and engages in construction projects, including public roads, highways and bridges, waterworks and sewage, quarries and aggregated processing plants, hydroelectric and thermal power plants, and more.
Another major project the company is involved in is the restoration of a 120-kilometer road in Tanzania. The contract was signed with the Tanzanian government, and the project will be carried out over two and a half years.
The company's income from this project is expected to amount to $50 million.
Shikun & Binui is controlled by the Arison Group, the investment arm of billionaire Shari Arison.
Reuters contributed to this report