The Financial Reporting Council of Nigeria (FRC) has raised concerns over the severe shortage of actuaries in the country, stating that Nigeria requires at least 2,000 professionals in the field to support its growing financial sector. Currently, the nation has only 28 fully qualified actuaries—a figure deemed grossly inadequate for an economy of Nigeria’s size and potential.
Call for Urgent Capacity Building
Dr. Rabiu Olowo, Executive Secretary/Chief Executive Officer of the FRC, made this known during a one-day advocacy workshop for students of Ahmadu Bello University (ABU), Zaria, Kaduna State. The event, themed *“Building Capacity for Actuarial Excellence in Nigeria,”* was part of the Nigerian Actuarial Development Programme (NADP), an initiative designed to address the profession’s acute shortage in the country.
Olowo stressed that the lack of actuaries hampers effective risk management and weakens the resilience of financial institutions. “Nigeria needs at least 2,000 actuaries to meet national demand and support the financial sector’s evolution,” he said. “The current shortage not only limits the ability to manage risk effectively but also undermines the stability of institutions.”
Collaborative Efforts to Boost Numbers
The NADP, implemented in partnership with regulatory bodies, international professional associations, and development partners such as the United Nations Development Programme (UNDP) and leading audit firms, seeks to expand Nigeria’s actuarial workforce. The FRC has pledged to support universities like ABU through curriculum development, mentorship, research collaboration, and financial aid for students.
“We want to invest in the potential of students and position Ahmadu Bello University as a regional hub for actuarial excellence in West Africa,” Olowo stated. The council plans to offer bursaries, sponsorships, and research grants to encourage more students to pursue actuarial science.
High Demand, High Barriers
Ayinde Olasukanmi, Head of the Directorate at FRC, highlighted the critical role of actuaries, describing them as “financial soothsayers” who help businesses predict and mitigate risks. He noted that actuarial science is even more crucial than Information Technology and cybersecurity in Nigeria’s economic landscape.
However, the profession faces significant entry barriers, particularly the high cost of qualifying examinations, which are priced in dollars. To alleviate this challenge, the FRC has introduced an incentive scheme where students who pass their actuarial exams will be reimbursed for their fees.
“We are desperate to increase the number of actuaries in Nigeria,” Olasukanmi said. “The FRC is committed to supporting students who show interest in this vital profession.”
Raising Awareness and Expanding Opportunities
Prof. Halima Sambo, Head of the Department of Actuarial Science and Insurance at ABU, acknowledged the low awareness of the profession and pledged to promote actuarial science in secondary schools to attract more students early.
Meanwhile, Prof. Mohammed Maiturare, Vice President of NADP and a lecturer at ABU, pointed out the rising demand for actuaries beyond insurance, including in banking, healthcare, and investment sectors. “The NADP aims to sensitize students about the immense opportunities in this field, which remains one of the most prestigious globally,” he said.
A Strategic Push for Economic Resilience
With Nigeria’s financial sector expanding rapidly, the need for skilled actuaries has never been greater. The FRC’s intervention, through partnerships with academia and incentives for students, could be a game-changer in building a robust pipeline of professionals capable of driving sustainable economic growth.
As the country works towards producing more actuaries, stakeholders remain optimistic that strategic investments in education and professional development will bridge the gap—ensuring a more resilient and risk-proof financial system for Nigeria’s future.