The Financial Reporting Council of Nigeria (FRC) and the Nigerian Actuarial Development Programme (NADP) have expressed deep concern over the critical shortage of actuarial professionals in the country. They warned that this deficiency threatens the credibility of financial reporting in key sectors such as insurance, banking, and healthcare.
Speaking at an event themed “Building Capacity for Actuarial Excellence in Nigeria” at the University of Benin on Thursday, the Executive Secretary/CEO of FRC, Dr. Rabiu Olowo, revealed that Nigeria has only 28 qualified actuaries. He described this number as “grossly inadequate” for a nation of Nigeria’s size.
To address this gap, Olowo stated that FRC and NADP are intensifying advocacy efforts at the grassroots level, including university outreach programs, to attract more students to the profession.
“To bridge the gap, we have put in place several incentives, such as covering tuition and examination fees, to support students in passing their actuarial professional exams,” Olowo announced.
Professor Ismaila Adeleke of the University of Lagos, delivering a lecture titled “Who Are Actuaries?”, explained that actuarial science employs mathematical and statistical models to assess financial risks, particularly in the insurance and finance sectors.
“Actuaries analyze data, predict future events, and assess financial impacts. Their work is crucial in setting insurance premiums, managing reserves, and evaluating the financial stability of firms. They also contribute significantly to investment risk assessment and healthcare cost predictions,” Adeleke stated.
He further lamented that out of Nigeria’s 223 universities, only eight offer actuarial science as a course. Despite the presence of over 50,000 accountants in the country, none is a qualified actuarial professional.
Other speakers at the event included Kingsley Miller, immediate past president of the Nigeria Actuarial Association, who discussed career pathways in the field, and Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, who elaborated on the objectives and opportunities within the NADP.
