The Financial Reporting Council of Nigeria (FRC) has highlighted the urgent need for at least 2,000 actuaries to support the country’s growing financial sector. Currently, Nigeria has just 28 qualified actuaries—a number the FRC says is far too low for a nation of its size and economic potential.
Speaking at the Nigerian Actuarial Development Programme (NADP) outreach for students at Ahmadu Bello University (ABU), Zaria, the FRC’s Executive Secretary/CEO, Dr. Rabiu Olowo, said the shortage of actuaries undermines the country’s ability to manage financial risk and build institutional resilience.
The event, themed “Building Capacity for Actuarial Excellence in Nigeria,” aims to encourage students to pursue actuarial science and help bridge the skills gap in the profession.
“Nigeria needs a minimum of 2,000 actuaries to meet national demand. The current shortfall weakens our ability to manage risk effectively,” Olowo said.
The NADP is being implemented in partnership with key stakeholders, including regulators, international actuarial bodies, development partners like the UNDP, and top consulting firms.
Olowo reaffirmed FRC’s commitment to supporting ABU and other universities through curriculum development, mentorship, research, scholarships, and educational sponsorships. “We see ABU as a potential regional hub for actuarial excellence in West Africa,” he said.
Also speaking, FRC Director Ayinde Olasukanmi stressed the importance of actuarial science, calling it even more critical than IT or cybersecurity in managing business risks. He described actuaries as “financial soothsayers” who help predict and prevent financial losses.
Olasukanmi pointed out that one of the major barriers is the high cost of actuarial exams, which are paid in dollars. To encourage more participation, he announced that the FRC is willing to reimburse students who pass these exams.
He reiterated the Council’s commitment to expanding the actuarial profession, especially through awareness campaigns and collaboration with institutions like ABU.
Professor Halima Sambo, Head of the Actuarial Science and Insurance Department at ABU, acknowledged the low awareness of the profession and pledged to promote it in secondary schools.
Prof. Mohammed Maiturare, Vice President of NADP and lecturer at ABU, emphasized the rising demand for actuaries, particularly in banking and healthcare. He said the NADP aims to spark student interest and position actuarial science as a high-value profession in Nigeria.