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The Financial Reporting Council of Nigeria has emphasised the need for at least 2,000 actuaries to support the country’s financial sector growth.
The PUNCH Online reports that currently, Nigeria has only 28 qualified actuaries, which is grossly inadequate for a nation of its size.
The Executive Secretary/Chief Executive Officer of FRC, Dr Rabiu Olowo, stated this on Wednesday at a one-day Nigerian Actuarial Development Programme advocacy outreach for students of Ahmadu Bello University, Zaria, Kaduna State.
The workshop has as its theme “Building Capacity for Actuarial Excellence in Nigeria.”
Olowo said the Nigerian Actuarial Development Programme aimed to address the shortage of actuaries in Nigeria, with fewer than 30 fully qualified professionals in the field.
“Nigeria needs at least 2,000 actuaries to meet national demand and support the financial sector’s evolution.
“The current shortage not only limits the ability to manage risk effectively but also undermines the resilience of institutions,” he said.
According to him, the NADP is being delivered in conjunction with key actuarial stakeholders, including regulatory bodies, international professional bodies, and development partners such as the UNDP and Big Four firms.
He also reaffirmed the commitment of the FRC in supporting universities, including Ahmadu Bello University in Zaria, through curriculum guidance, professional pathway mentorship, educational support, collaborative research, and capacity building.
While emphasising the importance of partnering with ABU, Olowo stated, “We want to invest in the potential of students and position Ahmadu Bello University as a regional hub for actuarial excellence in West Africa.”
According to him, the FRC plans to provide support to ABU through various initiatives, including bursary awards, sponsorships, and collaborative research.
Also speaking at the event, the Head of the Directorate of FRC, Ayinde Olasukanmi, highlighted the shortage of actuaries in Nigeria, with only 28 qualified professionals in the field.
Olasukanmi stressed that actuarial science is one of the most important professions in Nigeria, surpassing even Information Technology and cybersecurity.
He explained that actuaries are experts who help predict the future of businesses to avoid risk and are often referred to as “financial soothsayers.”
The FRC director identified the expensive nature of actuarial examinations, which are paid in dollars, as a major challenge.
To address this, he said, the FRC was willing to refund examination fees to students who passed the exams.
Olasukanmi emphasised that the council is “desperate” to increase the number of actuaries in Nigeria and is willing to support interested students.
He revealed that the FRC is collaborating with ABU to promote actuarial science and encourage students to pursue the profession.
Also speaking, the Head of Department, Actuarial Science and Insurance, ABU, Prof. Halima Sambo, noted that there is poor awareness about actuarial science and pledged to create awareness about the profession in secondary schools.
On his part, the Vice President, Nigerian Actuarial Development Programme and Lecturer at ABU, Prof. Mohammed Maiturare, highlighted the growing demand for actuaries in the banking and healthcare industries.
He emphasised that the purpose of the NADP is to sensitise students to show interest in actuarial science, which is a significant profession globally.
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