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, warning that the gap could undermine financial stability across key sectors such as insurance, banking, and healthcare.
Speaking at a capacity-building event held on Thursday at the University of Benin, themed “Building Capacity for Actuarial Excellence in Nigeria,” the Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, revealed that Nigeria currently has only 28 qualified actuaries. He described this figure as grossly inadequate for a nation with a rapidly expanding financial and insurance sector.
Dr. Olowo emphasized that both the FRC and NADP are intensifying efforts to address this shortage through grassroots advocacy, including targeted university outreach programs aimed at attracting more students to the profession.
“To bridge this gap, we have introduced several incentives, such as covering tuition and examination fees, to support aspiring actuaries in completing their professional certification,” he stated.
He also highlighted other initiatives designed to strengthen the profession, including specialized capacity-building programs, the development of actuarial practice regulations, and ongoing collaborations to establish standardized mortality and mobility tables for Nigeria.
Professor Ismaila Adeleke of the University of Lagos, while delivering a lecture titled ‘Who Are Actuaries?’ explained that actuarial science relies on mathematical and statistical models to assess financial risks, particularly in industries such as insurance and finance.
“Actuaries analyze data, predict future events, and evaluate financial impacts. Their expertise is essential in determining insurance premiums, managing financial reserves, and ensuring the stability of firms. They also play a crucial role in investment risk assessment and healthcare cost projections,” Adeleke stated.
He further lamented that out of Nigeria’s 223 universities, only eight currently offer actuarial science as a course, adding that despite the country having over 50,000 accountants, none is an actuarial professional.
Other speakers at the event included Kingsley Miller, the immediate past president of the Nigeria Actuarial Association, who discussed various career opportunities in the field, and Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, who elaborated on the objectives and prospects of the NADP.
With growing concerns over financial risk management in Nigeria, stakeholders stress the need for urgent interventions to develop more actuarial professionals capable of ensuring credible financial reporting and sustainable economic growth.