2q BU~NESS
THE GUARDIAN. Tuesda}\ June 2l. 20n
High food prices to persist for 10 years, says FAG F,om Jokl Abnmu. Abujl
tJlGH food prices may perebb! for the nellt 10 }~ars
In Nigeria and olher coun· tries of tht: world, oil rt'port by
the food amI Agriculture Orpnlsation (FAO) ill\d the Orplllsallon rOt Economic c.o-oQUilt\('m ilnd De\'e1opmcn\ (m.CD) has said.
The report stil.t~ that over the coming decade, neal prices for ct'reOlIs would be 20 per cent h igher, while that
of me,u would also ln~,ue by]o prr Ctnl, comparrd to wbat was abulnw in 20012010.
It said that the projKllons
are well below the peAk price levels experienc~ (rom 2007 t02008 and thlS~ar. The report, publishW by
the FAO, m:cOIlw th,)1 agri-
cultural outlook for 2011· 2020 predicts good h.m'tsl
In the coming months.
which should normally push commodIty prlct's down from the rxtreme le\'e!s seen rar lier this yr.ar. may however not be the case In reality. It 6plalned that higher prices for commoditlC!S are being passed through the food ch.lin.lradlng [ 0 rising consumrr price inflation In most countries. This ralsrs concerns for economic stab ility and food security In some developing countri~. with poor consumeo most at riSK of malnutrition. the rt'ponsays..
The OECD Secrelolry· General. Angel Guma said: -Wh ile higher prices are grn· er.dly good news for fanners. thr Impact on t hr poor In developint:: countries who s~nd a lugh proportion of their Income on food can br drvastating.'!one u\\ed an the govrrnmenU \0 improve Infonnation and transparrn· eyof both physical ;tnd fln;tn· elal marKets. encourage InveSimenlS that Incrrasr product ivity In de\'!!loplng countries. remove produclion a nd tradr dislortlng poliCies and assist the wIner· ablr to beuer m;tnage risk and uncrn.alnty. FAO Director-Gener;tl. Jacques Dlouf said in the cur· reAl market context. price volatility could remain a fra· wre of agricultural markets, and coherent policies are required to bO th reduce volatility and limit its nt'ga· tlve Impacts He mentioned that the key solution to Ihr problem will be boosting Investment In agriculture and reinforcing rural dl!\leJopmem In dever· oping countries, wherr 98 percent of the hungry people live today and whue popula· tlon Is 6pe<ted to increase by 47 percent over the nellt decades. He urged that gov· ernment actions should focus in pan icular o n small-holdeo in low-income food· dericit counlries. To mitigate price volatility
In food and agriculture nlilrkNs. the repOrt sug· gested that, among other ihlngs. that G20 countrirs takt' strps to boost agricul. lural productl;ity In deve!· opl n ~ coumrlrs, reduce o r ellmmate traae-dlsoning \'lO\idrs and establish a nt'W mec.n~n\ .. m to \mp{(')v~ \n{onnation and lran~ piuency on agricultural production, consumption. stocks and trade. OECD repon, which coven
fisheries for "the nrSt time sees ~Ioba l agricultural producuon growing more slowly over tfie nell[ deade than In the paSt 1O~rs.. Fa rmout· put is expected to rise by 1.7 prT cent yrarly. compared to the 2.6 per cent growth rate of the ~$t d«ad~. Desp\te In\s. "\Q'oN~T tTowth, proO.uc.· tion per Gfjita \s 5t\\\ pro\«I· ed to rbe by 0.7 percrnt year·
Iyln Eastern Europe.Asla and Latin America. where incomes are rising and populations growth Is slowing. Meat, da iry produ cu, veg· etable oils ;md suga r shourd experience the highest d~mand Inc.reues. according to the repan. t.\o\)a\ ptoouu\an \n the fi5hertrs !tector \s ptO\ec.\~tl to Incrrase by I.) percrnt annuallr, to 2020. This is I. Per<apita food consump- slower Ilan growth over Ihe tion will (xp;!nd most ~pld· previous decade. dur to
COIiTINUE FROM PAGE 19 ed last w~kend, was ayearty occasion. This year's celrbra· tion focused on compelling governments across the world to redirect about .11.8 billion worth o f subsidies from lar 501nds Im'rstors to communities and individuals promoting sustainable development However. Dlrrctor. Programm~s and Administration of ERA, Godwin Ojo. In th~ stat~ memo strt'ssed that Frt!eral Government had nrver failed to mention the cou ntry's potenlials In tar sands ;lnd recently anno un ced the award of bitumen blocks to SOffit' compan\ts. He noted that Infonnation about the process of bidding remained confined to govern m ent ornces, while the
general public has been left · unlnfonned or actlvit:le:s, -Not only was the bidding procrss for bitumen In the bitumen belt nawed, evl· dence from a round the world have shown thaI bltu· men exlnction will pollute rivers and lead to livelihood losses thrreby instigating ilnd exacerbating crisiS In th e peaceful communities. "It Is still an Irony that while the Nigrrtan public and C!Speclilil y co mmun ities In the bitUmen belt know nothing "bout agreements t hat the Nigerian government has entered Into with bitumen Arms or the environmental and social caslS of this con· finned risky venture, Ihe same govt'mment Is busy telling the world of expe«.e d financial benefiuofbitumen t'XtTiIctlon; he SilJd. According 10 him. bitumen
~O
INTERMEDIATE EXAMINATION 9. Quantitative Analysis 10. Bus.inHs Manitgfmellt Accounting 1. Business Managemtnt and Market Organitalion 11 . Busim>u , axalion 8 Elements of Oat;! P,oces~ing 12. Management Information iedlnology
5. BlJ!inen taw 6. BUlinns (ommulllQDon
PROmStoN~l
EXAMIUATlON SECTION ONE 1l. AII6it IIrplning II'Id investigation u Advante l)nand,1Accounting n IS. ~I!lelia TiIXoltJon.md Tn Man"gclIll'llt 16 Mil( Secor A<aM.!nting a'ld ResOl.llce AIleation
PROFESSIONAl EXAMINATION R atON TWO PROFESSIOUA!. EXAM. SECTION THREE 11_Rn.mdaI Man.agMlent Acmuntmg. StIiJll'9Y 11 Oinert.!lIon Thfsls 18. Manlgemrnl Atcounringll-Informaliori SlfitltgJ 2l. Rmarth Projrt1 19 M.anagement Accounting UI-(.ue Study 20. Manal}Mlfnt Actounting IV·OeOsion Making
6tractJon exposes commu· nltles around the resoufu to methanr and othrr di!.ngrr. ous chemicals as fossil fuel extnctlon. In the process. wa ter, la nd and the air Is fouled. He added: "We are in solldar· ity with impacted communi· tit'S across the globe and rdt·
to stage a n.speclolb le bounce on account of a stronger euro,~ MF Global analysu said In a note. "However, any 'solution' for Greece will be a tempor.ny fix at best, as this issue Is far too difficult to be wrapped up In a few w«ks." . U.s. stocks W!:re poised 10 fall. th reatening the 2011 gai n for the Standard til Poor's Sao Index. as European offidals failed to agree on a bailout fo r Greece. Bank of AmeriGl Corp. and Wells Fargo &> Co. dropped following dedlnC!S In Europran lenders. flaon Mobil Corp. and Chevron Corp. paced losses In energy companlrs asoil approached a bear market following a 20 percent drop from 2011 peak.. Resean:h In Motion Umlted ret.n:atrd 1.7 per cent after Sanford C. Bernstein til Co. rut Its recommendation for the stock. s&P 500 futures eJIIplr1ng in September retrealed 0.4 per cent to 1,261,)0 at 8S1 iI.m.ln New York. The benchmark gauge was upt! prrcent this year. Dow JonC!S Industrlill Average futures droppM 40 points, or 0.3 per cent. to 11,898 yesterday. Benchmark gauges snapped
demand.~
I.'
~oLFJ,!rtbet!Lebjl!>.:..t911la~:
Dr. Eddie Onwuchekwe Ph.D, FCMA Director General/Chief Executive 7, Western Avenue, 3td Floor, Plaza Beside Union Bank Pic, Ojuelegba, under bridge, Surulert!, Lagos-State Tel: 08034047308, 01-736-3334
E-mail: info@cimanigeria.com Website: www.cimanigeria.com
a slx·Wt'rk declint' on June 17, preve nting the lonf:esr slump for thr ~p 500 since March lOOL The S&P 500 has rerreated 6.B pr.rce:nt From this ~r's high at the end of April through June 17 amid weaker·than-expec.:ted ~co nomi c data and concrrn about Eu rope's debt crisis. On the eve of a confldence \'Ote that threilteru to topple Papandreau. the eun> i.Tl'a's lOp economic policy makers pushed Gree«' to pass laws to cut the defidt and sell stine assets.. They left open wheth~r thr country will get the fuj i 12 bUlion euros \'s17.t billion) proml.sed for Ju Yas part o( last yeilr"S 110 billioneuro lifeline. Goldman Sachs Group Inc. cut its forecast for second· quartt'r U.s. growth to two percent from three per cent, according to a June 17 report by Sven Jan Stehn. an economist for the: company In New York. Amencan banks retrea ted following d edlnes In Europe:an Bank of Ameria. rei 0..8 per cent to .110.59. WellS Fargo dropped 0..8 per cent to .527.0. Energy and raw material stocks -slumpM as the U.s. dollar rose, redudng the 'Fopeal of commodltfe5 as a temative Investments.
reen.
u.s. may emerge top oil exporter oil demand .in the second pan of 2010 as the global economy recovered more quickly than .an tl cipated from the recessIon, \\'!! now foresee higher mid-decadt'
1;1
er;llr our stand that Tl'ne .....·· abl~s are the way to go. Birumen extraction like fossil fu~ls will only instigate poilu· tion and endless crisis in communities In Nigeria. ''We joined in tfiis day of international action against bitumen and to demand that bitumen be left In the soli:
Greek debt hits oil prices, stocks COH11NUE FROM PAGE 19
CONTINUE FROM PAGE 19
1;1
us~s.
Body raises alarm over bitumen exploration
UNIVERSITY BOARD HAS REAFIRMED: 115 approval 01 rooplocal IcmgO!lJon for CiMA fully Jtal@d in tile certificale of rMognilion. ( IM.A OBIEOIVB: To ensl)re a«urate. updale and reUable reporung of a((oullting in aU lien 01 GoV1!mmrnl. Ministrrs. Agencies, Corporati(lIIs. ParaSlatals, National .100 Service IndustriH and Improve the Culture 01 A«oulllability Generally.
I A{{Ol)nting I MaNgement Ac:(OUlltin9 I E(onomlCS 4 Bt1Sines~ Mathemalics StaUsIIU
reduced or stagnant capturr of wild nsh stocks and lowrr growth rat~ In aquacullure. which undrrwent a rapid expansion over the 200\· 2010 per1od. By 2015, aquaculture Is projected to surpass capture fisheries .15 th~ most \mpor· Unt $o\ltceo{ {'Ish \or\\uman consumption, and by '2010 should reyresrnt about 45 ptr cent 0 101011 rishery production. including non·food
The repon also examines recent thinking on the d ebate about causes and remedies foroil price \'OlaUI· Ity, noting that neither vo latility nor speculiltlve activity appear out of line with historical levels. It discusses the feedbacks betw~n Vlc himge rones and cru de oil prices, and lists some of the problems facing d erivatives market rrgula. tOts as they glOlpple with minimising sy51rmic clsk and potential market manipulation. The agency expt'CU Europe and lhe United Slatt'S to have generally nat e nergy demand, in large part because thrir economiC!S are 6pect:ed togrow less rob ustly t han those in the developing world. while their vehi·
dt's should become increa~ Inglyefficlent. The report projected that by 2016. Canada. already the most Important source for United Statrs 011 Imports. would produce I.) million additional barrels a day as it expanded production from the 011 sands in Albe rta. Brazil is projected to Increase production by' a million barrels a day because o f major new off· shore fie lds in deep watres.. The energy agency cal)· tionrd that Its optimistiC outlook for Canada depend· ed partly on the United Stiltes government's approv;1l of the Keystone XL pipeline. which would take more than SOO.OOO barrels a day of partly rrnned Canadian cmde from the oil sands to Texas and louisiana r~nnerles for ~nrual distribution to the NortheastCanada will most likely sell the excrss crude to China If the pipeline Is no! approved. Ol)t (he s\vitch could produce years of delay.