The Financial Reporting Council of Nigeria (FRC) and the Nigerian Actuarial Development Programme (NADP) have raised concerns about the severe shortage of actuarial professionals in Nigeria. According to Dr. Rabiu Olowo, Executive Secretary/CEO of FRC, Nigeria has only 28 qualified actuaries, a number deemed grossly inadequate for a nation of its size.
This shortage poses significant risks to credible financial reporting in key insurance, banking, and healthcare sectors. To address this gap, the FRC and NADP are intensifying advocacy efforts at the grassroots level, including university outreach, to encourage more students to take up the profession.
Several initiatives are underway to strengthen the profession, including
Capacity-building programs to enhance the skills and knowledge of actuarial professionals and the development of actuarial practice regulations. To establish standards and guidelines for the profession.
Collaborations on mortality and mobility tables to improve data analysis and risk assessment.
Additionally, the FRC has introduced incentives such as covering tuition and examination fees to support students in passing their actuarial professional exams.
Professor Ismaila Adeleke of the University of Lagos emphasized the importance of actuarial science in assessing financial risks, particularly in the insurance and finance industries. He noted that only eight universities in Nigeria offer actuarial science as a course, despite having over 50,000 accountants in the country.
The FRC has also established a functional Directorate of Actuarial Standards to address the acute shortage of professional actuaries in the country.
