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Download Pulication for Free Commonwealth Finance Ministers Reference Report 2008 Global Economic Situation Managing the Effects of High Energy and Food Prices Assessing the Economic Impact of Climate Change Millennium Development Goals Effective Financial Management Infrastructure for Development First Bank of Nigeria Plc remains one of Africa's most diversified financial services solutions providers. Since its establishment in 1894, the Bank has consistently met growing market demand for financial services, through a process of continuous re-invention. In the over one century since its establishment, the Bank has continued to build relation- ships with its customers, and alliances with key sectors of the economy that have been strategic to the well-being and growth of the Nigerian economy. Consequently, it has remained Nigeria’s pioneer and most reputable bank with group profit after tax of N20.4 billion in the financial year ended March 31, 2007. Underpinning this success is the Bank's strategy, with its focus on the two critical imperatives of modernisation and growth. With over 400 business locations, the Bank has one of the largest domestic sales networks in Nigeria, all on-line real time. As a market leader in the financial services sector, FirstBank pioneered initiatives in international money transfer, MasterCard, Inter- switch and the ATM consortium. It is one of the industry leaders in terms of value and volume of ATM transactions in the country. The Bank has eight (8) local subsidiaries and a full-fledged subsidiary in the United King- dom, as well as a representative office in South Africa. FirstBank's growth strategy is hinged on continued network expansion, product development, mergers and acquisitions, and growth of its international footprint. The Bank is currently exploring alliances with key prospects in the industry with a view to creating the largest bank in West Africa and one of the largest on the continent. A key element of the Bank's strategy is its continued focus on retail banking/consumer financing, gradually shifting towards a high yield diversified portfolio by aggressively targeting the relatively under-banked consumer market. The business of the Bank is operated along two main market segments/Strategic Business Units (SBUs): Corporate Banking, and Regional Directorates (Lagos & West, North and South). These are defined within broad limits to facilitate and give direction to marketing activities within the Bank. In further evidence of the Bank's strength, two foremost risk-rating agencies, Fitch and Standard & Poor’s assigned it international short-term and long-term ratings of B+ and B, and B+ and BB- respectively. The latter’s rating being the same with the sovereign rating of Nigeria. These ratings confirm the Bank’s strong domestic franchise and systemic impor- tance to the national economy. The international ratings are particularly significant as they indicate the alignment of the Bank's practices with world-class standards, expected to facilitate seamless integration into the international financial markets. FirstBank was equally rated number one among Nigerian banks in Corporate Governance practice in 2003, 2005, 2006, and 2007 by Johnston Irving Consulting, in collaboration with ICRA Pty Limited (an erstwhile associate of Moody's Investors, USA). Additionally, the Bank was awarded the “Best Bank in Nigeria”, “Best Trade Finance Bank in Nigeria”, and “Best Foreign Exchange Bank in Nigeria” in each of the four (4) years to 2007 by the USbased Global Finance magazine, to mention a few of the awards won by the Bank. In line with the Bank's vision “to be the clear leader and Nigeria's bank of first choice”, its mission “to remain true to our name by providing the best financial services possible” and its brand essence, “dependably dynamic”, the Bank has continued to transform itself as it forges ahead in its second century of providing qualitative banking services to the nation, maintaining leadership in a consolidated and more dynamic industry. Commonwealth Finance Ministers Meeting 2008 Published by Henley Media Group Limited in The publishers wish to thank all the individuals and organisations who association with the Commonwealth Secretariat. have contributed to the publication, especially to Guy Bentham and Indrajit Coomaraswamy of the Commonwealth Secretariat. Text copyright Commonwealth Secretariat 2008, or as otherwise stated. To purchase further copies of this publication, please apply in writing to the publisher. Volume copyright Henley Media Group Limited. The information contained in this publication has been published in Henley Media Group Limited good faith and the opinions herein are those of the authors and not of Trans-world House Henley Media Group Limited or the Commonwealth Secretariat. 100 City Road London Henley Media Group Limited or the Commonwealth Secretariat ECIY 2BP cannot accept responsibility for any error or misinterpretation based United Kingdom on this information, and neither do they endorse any of the products advertised herein. Tel: +44 (0)207 871 0123 Fax: +44 (0)207 871 0101 Prints, transparencies or any other material submitted to Henley Media www.henleymediagroup.com Group Limited are sent at owner’s risk; neither Henley Media Group nor their agents accept liability for loss or damage. Reproduction in First published October 2008. whole or part of any contents of this publication (either in print form ISBN 978-0-9554408-7-8. or electronically) without prior permission is strictly prohibited. Publisher Jane Henry Editorial Manager Lisa Pike Director of Partnerships Said Rashid Account Managers Paul Maher S M A Moin Martin Sutherland Sub-editor John Saunders Designer Andy Crisp Production Manager Tina Davidian Printer Ghyllprint Ltd Contents 12 Message of Welcome 47 Section 2 The Honorable Stephenson King, Prime Minister of Saint Lucia Managing the Effects of High Energy and Food Prices 15 Section 1 48 Energy technology perspectives: insights for 2008 Global Economic Situation Nobuo Tanaka, Executive Director, International Energy Agency (IEA) 17 Globalists in a globalising world 53 Addressing the global energy crisis Kamalesh Sharma, Mohamed ElBaradei, Commonwealth Secretary-General Director General of the International Atomic Energy 22 Reform of the multilateral financial institutions Agency (IAEA) President Bharrat Jagdeo, 58 Renewable energy technologies and poverty Republic of Guyana alleviation: overcoming barriers and unlocking 28 Economic cooperation and the impact of potential globalisation on Africa and the Caribbean Ogunlade Davidson,Thomas B. Johansson and Ransford Smith, John M. Christensen, Deputy Secretary-General, Commonwealth Secretariat Global Network on Energy for Sustainable Development (GNESD) 34 Global inflation: how big a threat? Dr Andrew Sentance, 62 Biofuels and the global food crisis: a dangerous External Member, Monetary Policy Committee, or a new opportunity? Bank of England Dr Wolfgang Palz, Chairman,World Council for Renewable Energy (WCRE) 67 Understanding the recent oil price volatility Developing countries seeking Abdalla Salem El-Badri, “ Secretary General, Organization of the Petroleum the right domestic policy mix must Exporting Countries (OPEC) confront a tension between attracting investment and achieving development 71 Responding to soaring oil and food prices: options for agriculture in Small Island objectives. States must balance social Developing States needs and investor preferences. Timothy O.Williams, ” Special Advisory Services Division, Commonwealth Secretariat Resolving food crises today and tomorrow 38 Foreign investment and development: the role 77 Jacques Diouf, of domestic policy and international investment Director-General, United Nations Food and Agriculture agreements Organization (UN FAO) J.Anthony VanDuzer, Associate Professor and Vice Dean of Research, Faculty of Law,University of Ottawa 42 Maintaining debt sustainability in the aftermath of debt relief Alberto Espejo, Senior Economist, Policy Development and Review Department, International Monetary Fund (IMF) 6 The Commonwealth Finance Ministers Meeting 2008 80 Productivity and sustainability of agriculture in Africa: The role of government policy and 109 Section 4 investment Millennium Development Goals Joachim von Braun, Director General, International Food Policy Research Institute (IFPRI) 110 Progress towards the MDGs: from recommendations to implementation 83 Agricultural commodity markets in the global Dr Asha-Rose Migiro, context: the end of cheap food? Deputy Secretary-General, the United Nations Angel Gurría, Secretary-General of the Organisation for Economic 115 How affordable is a nutritious diet? Co-operation and Development (OECD) Jasmine Whitbread, Chief Executive, Save the Children UK 87 Section 3 120 Keeping the promise on universal primary Assessing the Economic Impact of education Climate Change Nicholas Burnett, Assistant Director-General for Education, United Nations 88 Economic implications of climate change for Educational, Scientific and Cultural Organization (UNESCO Australia 125 Rethinking the role of higher education to boost Natalie Horvat, development Manager, Energy and Greenhouse Policy Unit,Australian Peter Taylor, Government Research Fellow,Institute of Development Studies 94 The effects of climate change policies on 129 Westonaria to become the training hub of international trade and competitiveness Gauteng Muthukumara Mani, Special Feature by Westonaria Local Municipality Senior Environmental Economist,World Bank 130 Financing gender
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