Gabon has signed investment contracts worth over $1.7-billion with the Singapore-based multinational Olam International Limited.fertiliser plant

The money will be spent on a new fertiliser production plant in the free trade zone in Port Gentil, palm oil and rubber plantations and infrastructure projects.

The deal follows a recent trip by president Ali Bongo to Singapore, which was aimed at strengthening economic relations between the two countries.

President Bongo is striving to attract a mix of investors to boost his government’s modernisation and diversification programme.

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By Wendell Roelf

CAPE TOWN (Reuters) – Chinese Vice President Xi Jinping signed an energy deal with resource-rich South Africa on Wednesday in a visit aimed at obtaining minerals the Asian giant needs to fuel its blistering growth.

signing energy dealChina is South Africa’s biggest bilateral trading partner and the focal point of its plan to divert more trade and investment from traditional markets in Europe and North America to the world’s fastest growing economies.

Xi, touted as China’s next president, had a three-day visit to Africa’s largest economy, which is seeking to reduce a deficit in trade with China that hit $2.7 billion last year, skewed in Beijing’s favour.

South African Deputy President Kgalema Motlanthe and Xi co-chaired the 4th China-South Africa bilateral commission and signed a number of agreements, including an energy deal.

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Ajibola Abayomi

Lagos — The replacement insurance on Nigeria Communication Satellite 1 (NIGCOMSAT 1) has been valued at $46 billion.

satelliteThis was disclosed in an interview with Daily Independent in Lagos by the managing director of Nigeria NIGCOMSAT), Timasaniyu Ahmed-Rufai.

Speaking on criticism against government over the non-functioning of satellite installed during the regime of ex-president Oluseguun Obasanjo, Ahmed-Rufai argued that the failure of SAT 1 was not peculiar to Nigeria or the fault of the Chinese firm that put the satellite in orbit, but was due to an international crisis.

The NigComSat-1 was launched on May 13, 2007 and was sub-Saharan Africa’s first communications satellite.

NigComSat-1 provided a backbone for both upstream and downstream telecommunication services.

He said the SAT 1 replacement would be commissioned in September 2011 saying work on the satellite was almost complete.

Reiterating his optimism that the SAT 1 would function effectively when commissioned, he disclosed that the space engineers “contacted to manage the satellite for the country had signed a replacement insurance valued at $46 billion should anything go wrong this time around.”

“These are space engineer experts from America, Britain and Russia, the risk analysis has been done, for Nigeria to invest N256 billion is no joke” he said.

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