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Correction In last month’s issue, April 2012, in our Briefs section, under the heading ‘Innovative Ghanaian companies get investment’, we incorrectly named the Actis Fund as having launched operations in West Africa. In fact, it is the Acumen Fund that has invested in the companies GADCO and Medeem Ghana. We apologise for this mistake and any inconvenience it may have caused. We strive for complete accuracy but in the heat of deadlines, sometimes errors may slip in.

Porsche revs up African potential Nigeria’s Victoria Island, home to the rich, is now the base for Africa’s latest Porsche dealership. The company hopes to sell 100 vehicles in Nigeria this year and to grow sales to 300 annually. Porsche already sells 800 cars a year in South Africa and operates dealerships in Angola and Ghana.

US clothing retailer Gap is the second international clothing company to launch in South Africa and plans to open two more stores, following Europe’s biggest clothing retailer, Zara, which opened one store last year, pitting them against retailers such Truworths International, The Foschni Group and Woolworths.

Snippets Around Africa THIS MONTH Multinationals target Africa

Public debt to GDP ratio

Sub-Saharan Africa 42%

USA 95%

Paris-based PNB Paribas has South African central bank approval to set up a full commercial bank branch in Johannesburg. BNP employs over 9,800 people in Africa (5% of its workforce) and is well established in the Ivory Coast, Mali, and Senegal.

EU 80%

AND GAS around africa African imports outstrip aid Africa received less in overseas aid last year than they paid for oil imports: $15bn in aid was outstripped by $18bn in oil imports. Solar power and its new-found homegrown resources could bring down the import bills, reduce dependency on fossil fuels and create new jobs in emerging low carbon sectors. South Africa imports Iran has been South Africa’s biggest crude supplier, accounting for a quarter of its oil imports. In February, South Africa imported 417,000 tonnes of Iranian crude, reversing a declining trend. In January, trade figures showed a spike in imports from Saudi Arabia, Qatar and Ecuador, suggesting they were being used as alternative suppliers to Iran. In February, Saudi Arabia was South Africa’s biggest supplier, with 582,000 tonnes of crude, followed by Iran, Nigeria, Angola and Ecuador. (See story page 56.) Kenya’s first oil The country celebrated its first oil discovery by Tullow, in excess of 20 metres of net oil pay. It will drill more wells in the area to ascertain the commercial viability of the find. If considerable reserves are found, Kenya is well placed to develop the industry for export. (See story page 66.) Cameroon doubles production Cameroon is on target to double crude production to 100,000 barrels per day in 2012 after independent oil producer Perenco raised output from the Baf 3 oilfield to 50,000 bpd. Oil production in 2011 averaged around 65,000 bpd in 2011. The Dissoni oil field in the Rio Del Rey basin is due to come onstream in the second half of 2012 and its development, and that of the Moudi and Ebome Marine concessions in the Douala/Kribi-Campo

ZAMBIA Zambia will phase out a suspension on the issuance of new copper mine licences President Michael Sata (right) imposed. Non-mining rights such as prospecting and small-scale and artisinal mining will resume. The ban remains on new permits for larger operations and processing.

ZIMBABWE Diamond output at Rio Tinto’s Zimbabwe unit more than doubled to 324,000 carats in 2011. RioZim, which holds a

22% stake in the

Murowa mine in southern Zimbabwe, said that production rose from

141,000 in 2010.

NIGERIA Nigeria, Africa’s second biggest economy, grew 7.68% in the last quarter of 2011, one of the fastest in the world. The country is Africa’s top champagne consumer, swigging 593,000 bottles in 2010, 50% more than rival South Africa.

MOZAMBIQUE Capital Maputo plans a $1bn waterside complex with 300,000 square metres of office, residential, retail and hotel buildings, expected to take 15 years to construct. Property developers CR Holdings said, “It will be a new rebirth of the city.”

SUDAN Qatar has pledged to invest $2bn in Sudan following a visit from the Sudanese president Omar Al Bashir. Qatar may buy Sudanese bonds and also consider investing in the nation’s mining, oil and agriculture industries.

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African Business | May 2012