KEY POINTS

• The existing 28 qualified actuarial professionals in Nigeria is insufficient to meet the demand for at least 2,000 expert practitioners.
• The FRC dedicates its resources to build ABU as an outstanding center for actuarial science excellence.
• The development and security of Nigeria’s financial sector heavily rely on actuarial science principles.

The Nigerian Financial Reporting Council (FRC) demands the education and hiring of at least 2000 actuaries for developing the national financial sector.

The Financial Reporting Council of Nigeria reveals that its country holds only 28 qualified actuaries while failing to meet the demands of its expanding economy.

Nigeria needs more actuaries to build financial sector

At the one-day Nigerian Actuarial Development Programme (NADP) advocacy outreach at Ahmadu Bello University (ABU) in Zaria, Kaduna State Dr. Rabiu Olowo who serves as Executive Secretary/CEO of FRC made this statement.

Dr. Olowo emphasized that Nigeria needs more actuaries to build up its financial sector and boost risk management abilities and institutional resilience.

FRC’s commitment to actuarial growth

Dr. Olowo outlined the NADP has been established to fill the vacancy of actuaries because the current number of fully qualified professionals in Nigeria remains below 30.

Actuarial stakeholders together with regulatory organizations along with UNDP and Big Four firms support the program which targets this specific gap in the actuarial profession.

The FRC dedicates resources to ABU and other universities because their mission is to establish these educational institutions as future centers of actuarial distinction across West Africa.

The support for ABU will go through student bursary programs and sponsorships and academic collaboration projects.

Actuarial science: a key profession for Nigeria’s future

During his address the Head of the Directorate of FRC Ayinde Olasukanmi stated actuarial science exceeds IT and cybersecurity in its importance to Nigeria. According to him actuaries act as “financial soothsayers” who excel at predicting business outcomes for risk reduction purposes.

Olasukanmi explained that the FRC would reimburse examination fees completely to students who successfully pass the expensive American actuarial testing program that operates with dollar payments.

The FRC collaborates with ABU to expand understanding of actuarial practice by targeting public school students across Nigeria to inspire them toward pursuing actuarial science as their future profession.