The Financial Reporting Council of Nigeria (FRC) has highlighted the urgent need for at least 2,000 actuaries to support the growth and resilience of the country’s financial sector.
Currently, Nigeria has only 28 qualified actuaries, a number FRC says is far too low for a country of its size and economic ambitions.
Speaking on Wednesday at a one-day Nigerian Actuarial Development Programme (NADP) advocacy outreach at Ahmadu Bello University (ABU), Zaria, Kaduna State, the Executive Secretary/CEO of FRC, Dr. Rabiu Olowo, stressed the importance of building local actuarial capacity.
The event, themed “Building Capacity for Actuarial Excellence in Nigeria,” aimed to address the severe shortage of professionals in the field. Olowo stated, “Nigeria needs at least 2,000 actuaries to meet national demand and support the financial sector’s evolution. The current shortage not only limits risk management capacity but also weakens institutional resilience.”
He noted that the NADP is being delivered in collaboration with key stakeholders including regulatory bodies, international professional organisations, the UNDP, and the Big Four accounting firms.
Olowo reaffirmed FRC’s commitment to supporting universities, especially ABU, through curriculum development, mentorship, educational support, research collaborations, and capacity building. “We want to invest in students’ potential and position ABU as a regional hub for actuarial excellence in West Africa,” he added.
FRC plans to back ABU with bursaries, sponsorships, and research support.
Also speaking, Ayinde Olasukanmi, Head of Directorate at FRC, reiterated the country’s actuarial gap and stressed the vital role actuaries play in risk management, describing them as “financial soothsayers.” He added that actuarial science is more critical than even Information Technology or cybersecurity in today’s financial landscape.
Olasukanmi noted the high cost of actuarial exams, which are paid in dollars, as a major barrier. To encourage participation, he announced FRC’s willingness to refund exam fees for students who pass.
He emphasised the Council’s strong commitment to boosting the number of actuaries in Nigeria and said FRC is collaborating with ABU to raise awareness and promote the profession.
Prof. Halima Sambo, Head of the Department of Actuarial Science and Insurance at ABU, acknowledged the lack of public awareness and pledged to engage with secondary schools to promote the profession.
Prof. Mohammed Maiturare, Vice President of NADP and a lecturer at ABU, highlighted the growing demand for actuaries, particularly in banking and healthcare. He said the NADP aims to sensitise students and inspire greater interest in what he described as a globally significant profession.
