The Africa Report 2014 brochure

COTE D’IVOIRE Economic phoenix rises from the ashes

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UNITED STATES Soldiers, spies and summiteers

CONSTRUCTION Lafarge and Dangote battle for dominance

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Double issue

N ° 6 3 • a u g u s t- s e p t e m b e r 2 014

THE

Mehdi Jomâa • Okwiri e • Jo-Ann Pohl Phuti Mahanyel

Oduor • Sim Shagaya •

Botsalo Ntuane Jack Nkusi Kayonga

Moctar El Hacen • Maria Ivone Soares • Sia Tolno

Igho Sanomi • Ganzeer • Joel Embiid • Omar Victor Diop

Ismaïl Douiri Is

• Amadou Thiam

• Eric Mboma

• Rachel Mwanza

Nelson Chamisa • Lupita

Nyong’o

RISING

STARS

monthly • n° 63 • august september 2014

GroUPE jEUNE AFrIqUE INTERNATIONAL EDITION

Alge ia 550 DA • Ang la 600 Kwanza • Aust ia 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denma k 60 DK • Ethi pia 75 Bi • F ance 4.90 € • Ge many 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Libe ia $LD 300 • M cc 50 DH • Nethe lands 4.90 € • Nige ia 600 nai a N way 60 NK • P tugal 4.90 € • Sie a Le ne LE 9,000 • S uth Af ica 30 and (tax incl.) • Spain 4.90 € • Switze land 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA C unt ies 3,500 F CFA

Water

Air

Fire

Earth

Knowledge

THE ESSENTIAL BUSINESS MAGAZINE.

TELECOMS East Africa fights for tech crown

ExclusiVE iNtErViEw

ANGOLA Luanda’s new Africa policy

Thembu king Dalindyebo

monthly n° 65 november 2014

Staying in touch

Working anywhere

N ° 6 5 • N O V E M b E r 2 0 14

MADEMEN Lifting the lid on the white capital that sped on after apartheid, and the black millionaires created in its wake

Clockwise from top: Zitulele ‘KK’ Combi, Jannie Mouton, Jay Naidoo and Christo Wiese

GROUPE JEUNE AFRIQUE

SOUTHERN AFRICA EDITION

the africa report

Exploring new frontiers

Algeria 550 DA • Angola 600 Kwanza • Austria 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denmark 60 DK • Ethiopia 75 Birr • France 4.90 € • Germany 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Liberia $LD 300 • Morocco 50 DH • Netherlands 4.90 € • Nigeria 600 naira Norway 60 NK • Portugal 4.90 € • Sierra Leone LE 9,000 • South Africa 30 rand (tax incl.) • Spain 4.90 € • Switzerland 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA Countries 3,500 F CFA

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THE ESSENTIAL REFERENCE TO AFRICAN AFFAIRS.

Doing business in Africa

Published by Groupe Jeune Afrique, The Africa Report has established itself as the international publication of reference dedicated to African affairs. It is the guide used by decision makers to anticipate economic and political changes in Africa and relied upon for the expertise of an independent editorial team in its survey, sector reports and country focus published in each issue. The Africa Report has three times (2012, 2007 and 2006) been awarded best pan African business publication. Its recognized high-quality coverage of the African business environment is combined with the strongest pan African and international circulation.

MINING End of Age the Iron

AFRICA SOUTH pushes Malema arrest a for Zum

EBOLA ld The wor es up ak finally w

A 50 YEAR MEDIA OF REFERENCE october N° 64 •

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t .c om

For half a century, Groupe Jeune Afrique has been the leading economic, political and cultural media group throughout Africa and worldwide thanks to its top-end publications Jeune Afrique (in French) and The Africa Report (in English).

the africa report

THE AFRICA REPORT HAS CARVED OUT A NEW NICHE FOR HIGH-QUALITY, DEDICATED EDITORIAL AND ANALYSIS OF AFRICAN BUSINESS NEWS. Diageo Awards Judging Panel.

THE AFRICA REPORT ALWAYS HAS EXCELLENT POLICY RELEVANT ARTICLES

es n o r h T f o Game NIGERIA

monthly • n° 64 • october

ts insurgen to tackle ections than has e 2015 el uck Jona s to win th dl RI QU E rm oo fo G t re JEUN E AF power GR OU PE Presiden ith w d ahea and forge ce 4.90 € m 4.90 €

• Canada

Fran 75 Birr • Ethiopia 600 nair a k 60 DK • € • Nigeria zania $ • Denmar Netherlands 4.90 FS • Tan 6.95 CAN land 9.90 o 50 DH • CFA € • Switzer 0 • Morocc s 3,50 0 F

DRAWING UPON QUALITY AFRICAN AND EUROPEAN EXPERTISE. Alex Vines - Head, Africa Programme - Chatham House.

MONTHLY INSIGHT AND ANALYSIS The Africa Report provides more than 400 000 African and international readers with expert analysis of Africa’s fast-changing political and economic landscape.

With Africa becoming an investment destination of choice, The Africa Report responds to the growing business need for solid analysis of the political situation and assessment of the risks.

SOUTH AFRICA White capital, black business

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KENYA Kenyatta fighting on all fronts

ANGOLA Luanda’s new Africa policy

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N ° 6 5 • N O V E M b E r 2 014

MOST INFLUENTIAL

AFRICA LOBBYISTS Inside the multi-million-dollar industry shaping Africa’s image... and its governments

monthly • n° 65 • november 2014

Rosa Whitaker, Tony Blair, and David Axelrod INTERNATIONAL EDITION

GROUPE JEUNE AFRIQUE

Algeria 550 DA • Angola 600 Kwanza • Austria 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denmark 60 DK • Ethiopia 75 Birr • France 4.90 € • Germany 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Liberia $LD 300 • Morocco 50 DH • Netherlands 4.90 € • Nigeria 600 naira Norway 60 NK • Portugal 4.90 € • Sierra Leone LE 9,000 • South Africa 30 rand (tax incl.) • Spain 4.90 € • Switzerland 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA Countries 3,500 F CFA

In China

In the UK

In the USA

PAN AFRICAN MAGAZINE, INTERNATIONAL CIRCULATION.

In the World

KEY FACTS & FIGURES •60,000 copies. 11 times a year. The highest circulation of any English-language pan African magazine •400,000 regular readers. Targets African and international decision-makers, senior management and public officials. Circulated in 64 countries.

•The only media to have been awarded Media of the Year three times (Diageo Africa Business Reporting Award in 2012, 2007 and 2006 in London).

•The preferred English-language pan African advertising media (advertising leader in volume and revenues). (source: DIFCOM)

THE MOST CIRCULATED PAN-AFRICAN ANGLOPHONE MAGAZINE MIDDLE EAST & NORTH AFRICA

The Africa Report offers a unique mix of international and African circulation.

2%

While being the best-selling international magazine in most African countries, The Africa Report also targets international investors and government officials directly concerned by Africa.

EAST & CENTRAL AFRICA

REST OF THE WORLD

20%

19%

ONBOARD DISTRIBUTION

10%

SOUTHERN AFRICA

23%

WEST AFRICA

26%

SOUTH AFRICA Three divorces and an election

NIGERIA The Sanusi Legacy

EAST AFRICA Oil, gas & the new Great Game

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GETTING

RICH THE HARD WAY

q Daphne Mashile-Nkosi

The new leaders behind Africa’s industrial renaissance

t

Bassem Loukil

u Aliko Dangote

t Innocent Chukwuma

GROUPE JEUNE AFRIQUE INTERNATIONAL EDITION

Algeria 550 DA • Angola 600 Kwanza • Austria 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denmark 60 DK • Ethiopia 75 Birr • France 4.90 € • Germany 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Liberia $LD 300 • Morocco 50 DH • Netherlands 4.90 € • Nigeria 600 naira Norway 60 NK • Portugal 4.90 € • Sierra Leone LE 9,000 • South Africa 30 rand (tax incl.) • Spain 4.90 € • Switzerland 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA Countries 3,500 F CFA

Influencing metal

Influencing oceans

Influencing air traffic

REACHING POLICY MAKERS AND BUSINESS ELITE.

Influencing decision makers

N°1 AMONGST INFLUENTIAL, HIGH-INCOME READERS. •78% of top management and high-income Africans regularly read The Africa Report.

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BUSINESS

COMPANIES & MARKETS

•73% of African political decision makers consider The Africa Report indispensable.

Cultivating

By Nicholas Norbrook

homegrown talent

ocal content – the phrase has rippled through Africa’s energy and mining sectors, gathering strength over the past decade. From workshops to conferences, from ministerial briefings to presidential speeches, African governments are devising frameworks that will hitch their domestic industries to the growth that foreign investment brings.

Nigeria, Ghana, Angola, Morocco, South Africa, Uganda, Gabon and Guinea have passed local content bills in recent years, often in the extractive industries. The Nigerian Oil and Gas Industry Content Development Act hastoughrequirementsongivinglocal companies priority in oil block licensingroundsandcompelsoilcompanies and service providers to hire Nigerians. Ghana’s local content law likewise gives local companies first preference in bidding rounds for oil blocks and requires a minimum 5% equity stake for Ghanaian firms – not including the government-owned Ghana National Petroleum Corporation – in every oil licence.

The rationale is clear. After decades of natural resource flows out of African countries, economies remain locked into the lowest rung of economic development, with local companies unable to add value to raw commodities. The continent’s industrial fabric remains threadbare, and the growing number of young graduates will cause chaos if there are not enough jobs to fill. African Union Commission chairperson Nkosazana Dlamini-Zuma reminded African finance ministers in March that African countries have to “design a comprehensive industrial development framework […] to speed up and deepen value-addition of local production, linkages between

L The oil and gas sector is one of the pioneers in local content, and Nigeria leads the fray

ANTONIN BORGEAUD FOR JA

•68% of The Africa Report readers make or influence their companies’ investment or recruitment decisions.

•65% of The Africa Report readers are upper management.

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At last, African governments are encouraging the development of networks of small and capable local companies that can become a part of global supply chains and win government contracts

LOCAL CONTENT

the commodity sector and other economic sectors”.

Guinea’s mines minister Kerfalla Yansané says: “We have been learning from our mistakes. Our mining companies were not integrated into the mainstream of our economy. Now we want them to be part of growth corridors. There should be a link between mining activities and the whole environment, meaning agriculture, services, transport, education and so on.”

JOBS FIRST

For Jean-Louis Ekra, president of Afreximbank, this economic nationalist moment “is not just happening in Africa, because of the difficulty in job creation you see around the world. In Europe, whenever a company says it will move a factory abroad you have instant uproar from the government.”

A panel of experts convened by Britain-based law firm Pinsent Masons earlier this year was unanimous: “Local content legislation [in Africa] is here to stay, and those companies that fail to recognise this evolving investment reality will quickly fall behind.”

In places where governments have been working on this for some time, like Nigeria, there are real changes afoot. “One of the best testimonies to this is local participation in the annual CWC Nigeria Oil & Gas Conference,” says Fisoye Delano, senior vice-president of CAMAC International and previously managing director of the Nigerian Petroleum Development Company. “The number of Nigerian oilfield services providers has changed significantly, just as significantly as the number of indigenous exploration and production companies. Eighty-five percent of exhibitors in NOG 2014 were local service providers.” ●●●

(Source: TAR reader survey)

A MULTI-CHANNEL DISTRIBUTION Mostly sold through newsstand, The Africa Report offers a multi-channel distribution network to secure its target of influential and hard-to-target readership.

On average per issue, newsstand account for 66% of the distribution, Airlines and Airport lounges for 12% and subscribers for around 7%; we also circulate 5% of our print-run through major events, 6% trough hotels and other selected venues, while 4% is free distribution to VIP decision makers (company MDs and CEOs and government officials).

•55% OF THE AFRICA REPORT READERS DO NOT READ ANY OTHER INTERNATIONAL OR PAN AFRICAN MAGAZINE. (Source: TAR reader survey)

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Double issue

in politics, business & culture

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Africa in 2015 China down, Europe out, Africa digs deep

GroUPE jEUNE AFrIqUE INTERNATIONAL EDITION

Alge ia 550 DA • Ang la 600 Kwanza • Aust ia 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denma k 60 DK • Ethi pia 75 Bi • F ance 4.90 € • Ge many 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Libe ia $LD 300 • M cc 50 DH • Nethe lands 4.90 € • Nige ia 600 nai a N way 60 NK • P tugal 4.90 € • Sie a Le ne LE 9,000 • S uth Af ica 30 and (tax incl.) • Spain 4.90 € • Switze land 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA C unt ies 3,500 F CFA

Priceless objects

Priceless art

Priceless talent

ESSENTIAL READING, EXCELLENCE AND EXPERTISE.

Priceless information

UNMATCHED INTELLIGENCE, RIVETING READING. COUNTRY FOCUS Nigeria

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COUNTRY FOCUS

Mauritius

45

Children celebrate Nigeria’s independence, though the legacy still hangs heavy

TOURISM PLAYS A CRUCIAL ROLE IN THE ECONOMY WITH A DRIVE TOWARDS WOOING HIGH-NET-WORTH VISITORS

COUNTRY FOCUS HOLGER LEUE/CORBIS

Despite government hopes of Mauritius becoming a high-income country by the end of the decade, analysts fear the downturn in the key sugar and tourism industries, sparked by the European economic crisis, mean it will miss its 2020 target. Meanwhile, the financial sector remains under pressure due to concerns over the future of a crucial tax treaty

By Jana Marais in Port Louis

THE AFRIC A REPORT

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FINANCE SPECIAL

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PIUS UTOMI EKPEI/AFP

MISSING THE SWEET SPOT T

Divide or conquer D

he year 2020 looms closer, with Mauritius’s stated ambition of becoming a high-income country by this date looking increasingly out of reach. As Mauritius transitions from an economy dependent almost exclusively on agriculture in the 1960s to one with strong textiles, finance and tourism sectors, it is still on course to be the richest non-resource-dependent country in Africa by 2025, according to estimates from local analysts. However, with doubts over the role Mauritius’s financial sector will play in India, ● ● ●

By Monica Mark in Lagos

THE AFRICA REPORT

Not to be sold separately

POLITICS

HISTORY | PEOPLE | POLITICS | ECONOMY | CULTURE

N° 58

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| DIPLOMACY

| BUSINESS

| OIL & GAS

| MINING

PAULO NOVAIS/EPA/MAXPPP

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Coal prices are down, but companies like Vale take a longer term, cyclical view

the commodity cycle is supposed to ensure that they lock in huge profits when global demand rises.

Rather than a commoditycentric approach, the view they take is to look at whether their individual assets across the world – their mines and processing plants – continue to meet required performance thresholds. In this analysis, what matters more are things like tax and royalty rates, security and infrastructure. In taking the temperature of the continent’s mining sector, executives pay closest heed to its politics.

INVESTOR-FRIENDLY

By Honoré Banda in Lusaka

rognosticators could be forgiven for taking a gloomy view of the mining sector. The global economy’s tentative recovery appears to be stalling. Chinese growth is slowing, Europe and Japan look headed for recession and the US faces an uncertain future without the stimulating effects of the Federal Reserve’s ultra-loose monetary policy.

Taken in sum, it makes for grim reading. Mining generates close to one third of the African continent’s gross domestic product, so if demand for natural resources falls, the negative effects will be wideTHE AFRICA REPORT

•

spread. Tax receipts will fall, government spending will be curbed and jobs will suffer. It could also spell the postponement of undeveloped mining projects that will no longer be profitable with lower mineral prices.

That is at least how the conventional thinking goes. The reality is more nuanced. For one thing, the value of some minerals has improvedduringthepastfewmonths.

While iron ore prices plummeted, dropping more than 40% since the start of the year and jeopardising a host of high-cost West African mines, prices for aluminium, zinc and nickel rose. Burundi is of inN° 66

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teresttoinvestorsforitslargenickel reserves.Burundi’sMusongatiMiningisstartingpreliminaryworkson depositstherebutneedstoaddress the country’s weak transportation and electricity infrastructure. The consultants at EY argue that high energy prices and competition for water resources will be obstacles to greater mining growth in many African countries in 2015.

Iron ore prices plummeted by

40% during 2014

COPPER STILL COMPELS

Although copper prices fell around 8% between the end of 2013 and October 2014, the prospect of global supply shortfalls means many chief executives remain THE AFRICA REPORT

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N° 66

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MARCELO COELHO/VALE

A new land scape P

In 2010, The Africa Report began producing special issues and supplements that enhance a country’s unique potential, celebrate historical dates and promote the continent’s major events.

Not to be sold separately

DOSSIER MINING

The rise and rise of global commodity prices is over, but it’s not all gloom and doom in the mining sector. What we can expect in the coming year is a geographical shift in both the African countries offering the best investment environment and the global players looking to profit

SUPPLEMENTS

President José Eduardo dos Santos is using partnerships with China, Portugal and Brazil as the engine of Angola’s economic expansion

OUTLOOK is a supplement to THE AFRICA REPORT N°45

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| AGRICULTURE

A global reach

The promise Nairobi looks to its region and across the Indian Ocean

•

outlook

at KENYA50 KENYA AT 50 is a supplement to THE AFRICA REPORT N°56

of a New East

own a rutted track in the neglected railway town of Zungeru in the Middle Belt lies a dilapidated building where a couple of British colonial governors drew up the frontiers of Africa’s most populous nation. With the stroke of a pen on 1 January 1914, what had formerly been the northern and southern protectorates became the single country of Nigeria.

A century later, the abandoned house replete with history is for some a potent symbol of the current state of the

In the century since unity Nigeria has experimented with federalism in myriad forms.

Today, as President Jonathan plans a national conference in the face of growing criticism, he fields demands ranging from restructuring and the division of states to autonomous control

S E P T E M B E R 2 0 14

In every issue of The Africa Report, the central section of the magazine is dedicated to a specific country, close-ups of performance and prospects in a high-growth African market.

committed to seeing through investments in countries like the Democratic Republic of Congo (DRC) and Zambia. “The outlook for copper demand remains compelling as emerging economies transition to consumption-led growth,” said US-based Citibank in a recent report.

Drilling down deeper, a host of other factors come into play.

Major international mining companies like Anglo American, Rio Tinto, Vale and Glencore tend to pay little heed to short-term price volatility, even over a threeto four-year period. Instead, their strategy of investing throughout

One need only look at the contrast in investor sentiment in Côte d’Ivoire and South Africa. The West African country’s fledgling mining sector is dwarfed by South Africa, still one of the world’s largest precious metals producers. More exploration spending is heading in the direction of Côte d’Ivoire for its more favourable fiscal terms and a government that is seen, at least by company bosses, to encourage foreign investment in mining rather than raising the rents on it.

Other countries with governments interested in attracting new investment, like Ethiopia, are host to more exploration efforts. The country has substantial reserves of potash, platinum and gold, and the government plans to triple revenue from the sector from its current level of $600m over the next decade.

On the other hand, the country attracting the lion’s share of new spending on the continent is the DRC,longreputedforitscorruption and inefficiency. Its unparalleled store of riches, estimated to be at least twice as large as South Africa’s reserves, come with major political risks. Uncertainty lingers ahead of 2016’s presidential elections, while long-running tensions in the east andeventhecopper-miningheartlandofKatangacontinuetosimmer (see page 74).

But the DRC’s copper mines, neglected under successive ● ● ●

DOSSIERS Also, in every issue, an in-depth portrait of one of the continent’s essential industries, its key players and success stories.

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FINANCE 200 SPECIAL EDITION

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STOCK EXCHANGES • REGiONAl ANAlySiS • KEy DE AlS • fACES Of fiNANCE • STAR pERfORmERS • iNNOvATiON

SOUTH AFRICA

NIGERIA

THOMAS PIKETTY

Tough times ahead warns

Mortgage finance to

”Strong markets need

new finance minister

transform economy

strong governments“

Africa bets

on Africa Businesses and governments across Africa seize the profit potential at home

GROUPE JEUNE AFRIQUE INTERNATIONAL EDITION

Algeria 550 DA • Angola 600 Kwanza • Austria 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denmark 60 DK • Ethiopia 75 Birr • France 4.90 € • Germany 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Liberia $LD 300 • Morocco 50 DH • Netherlands 4.90 € • Nigeria 600 naira Norway 60 NK • Portugal 4.90 € • Sierra Leone LE 9,000 • South Africa 30 rand (tax incl.) • Spain 4.90 € • Switzerland 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA Countries 3,500 F CFA

ANNUAL FLAGSHIP FEATURES & RANKINGS Thanks to Groupe Jeune Afrique’s 15-years publication of exclusive annual rankings and surveys, The Africa Repor t publishes the “TOP 500 African Companies” and “TOP 200 African Banks” ranking as well as “Africa Survey”, a forecast of political and economic development in all 54 countries.

Must-reads for anyone who takes the future of Africa seriously.

CONTENTS BRIEFING INTERNATIONAL PEOPLE AGENDA FRONTLINE POLITICS COUNTRY FOCUS INTERVIEW BUSINESS COMPANY NEWS MARKETS DOSSIER ART & LIFE LIFESTYLE

THE AFRICA REPORT BRAND

MONTHLY MAGAZINE TELECOMS East Africa fights for tech crown

LOBBYING Smooth talkers shaping Africa

SOUTH SUDAN After the rains, the threat of war

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N ° 6 5 • N O V E M b E r 2 0 14

Kenya

The many battles of Uhuru Kenyatta As he fights his case at the International Criminal Court, the president is still wrestling with terror threats and local political rivalries

EAST AFRICA EDITION

TABLET & MOBILE APP.

ONLINE

+

+

SOCIAL MEDIA

NEWSLETTER

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GROUPE JEUNE AFRIQUE

Algeria 550 DA • Angola 600 Kwanza • Austria 4.90 € • Belgium 4.90 € • Canada 6.95 CAN$ • Denmark 60 DK • Ethiopia 75 Birr • France 4.90 € • Germany 4.90 € • Ghana 7 GH¢ • Italy 4.90 € • Kenya 410 shillings • Liberia $LD 300 • Morocco 50 DH • Netherlands 4.90 € • Nigeria 600 naira Norway 60 NK • Portugal 4.90 € • Sierra Leone LE 9,000 • South Africa 30 rand (tax incl.) • Spain 4.90 € • Switzerland 9.90 FS • Tanzania 6,500 shillings • Tunisia 8 DT • Uganda 9,000 shillings • UK £ 4.50 • United States US$ 6.95 • Zimbabwe US$ 4 • CFA Countries 3,500 F CFA

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