United Kingdom IC Pub l icatio ns 7 C oldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 Fax: Admin +44 20 7713 7898 Editorial +44 20 7841 3211 icpubs@africasia.com www.africasia.com F ran ce IC Pub l icatio ns 6 09 Bat A 77 rue Bayen 75017 Paris Tel: +33 1 44 30 81 00 Fax: +33 1 44 30 81 11 i nfo@icpublications.com www.icpublications.com FOU NDE R Afif Ben Yedder Edit or A nver Versi a.versi@africasia.com Art Direct or J ason Venkatasamy jason@africasia.com A so ciate Edit o rs T om Nevin Stéphane Vigouroux Gérard Choisnet Ridha Kefi Hichem Ben Yaiche Fériel Berraies Guigny Co respo nden tat -l arge S tephen Williams Edit o rial A sistan t Carole Lambert Co respo nden ts in A frica B arnabas Thondlana Leo Odera Omolo Blamuel Njururi Herald Tagama Pini Jason John Ansah Derek Otieno Chris Ndivanga Masupu Rakabane S pecial Co respo nden ts M oin Siddiqi Dr Karamo Sonko Neil Ford Pini Jason Eluem Izezi Sub scriptio ns: I C Publications PO Box 2068 Bushey, Herts, WD23 3ZF Telephone: +44 20 8950 9117 Fax: +44 20 8421 8155 icpublications@alliancemedia.com www.africasia.com/subs See page 63 for subscription offer details.

group Publisher O mar Ben Yedder o.benyedder@africasia.com GENE RAL MANAGE R Leila Ben Hassen l.benhassen@africasia.com Devel o pmen t Direct or P atricia Bonnin p.bonnin@icpublications. com GROU P Sal es Direct or T ibor Fuchsel advertising@africasia.com senior pro ject manag er D arren Moore Adv ert isin g Sal es Direct o rs M edrine Chitty Elisée Marie Ndiana Matthew Nick Rosefield CLA SSIFIED ADS c lassified@africasia.com Dist ributio n William Pearson PR ODU CTI ON MANAGE R Sandra Segade-Hermida Ghana – DI STR IBUTI ON N ana Asiamah Bekoe Tel: +233 21 258058 kwabusek@gmail.com GHANA – S PECIAL PROJ ECTS A ND ADVE RTI SI NG S ilvia Salvetti Tel: +233 24 910 5995 top@topreports.org SENEGAL N athalie Desanti-Tounkara n.desanti@africasia.com Mobile: +22176 51 51265 NOR TH AFRICA Néjib Ben Yedder n.benyedder@africasia.com IC EVE NTS A nna Rosenberg a.rosenberg@africasia.com Printers Headley Brothers Ltd The Invicta Press Queens Road, Ashford Kent TN24 8HH All pictures AFP unless indicated. Registered with the British Library ISSN 0141-3929 ©2011 IC Publications Ltd

Member of The Audit Bureau of Circulations

N° DE COMMISSION PARITAIRE 0315 K 89343 Mensuel: Juin 2011 Dépôt légal

African Business June 2011 Issue N˚376 Contents

14 Cover Story Nigeria under Goodluck Jonathan

48 S potlight Pirates cost global economy billions

50 Special Report Energy A frica joins energy revolution

Editorial 12 Who should lead the IMF?

Cover S tory 14 Nigeria under Goodluck Jonathan 16 A man of the people 22 Living up to his name 26 Jonathan’s energy pledge 30 Mining: Waking a sleeping giant 32 Interview: Oando’s Wale Tinubu

BRICS 37 What membership means to Africa

Cityview 40 Africa: A compelling investment case

Topic 44 To privatise or not?

Commodities 46 Coffee price hits 34-year high

Spotlight 48 Pirates cost global economy billions

Special R eport Energy 50 Africa joins energy revolution 56 Ethiopia’s leads African hydro renaissance 60 More success for Tullow’s twins 62 Thermal to replace diesel?

Countryfiles 64 East Africa: An EA shilling by next year? 66 Swaziland: Kingdom under siege 68 Southern Africa: The golden conundrum

Book R eview 72 SuperCooperators