The Financial Reporting Council of Nigeria (FRC) and the Nigerian Actuarial Development Programme (NADP) have called for more actuarial professionals in Nigeria due to their low numbers in the country.

Speaking in Benin on Thursday during an advocacy event at the University of Benin-themed Building Capacity for Actuarial Excellence in Nigeria, FRC Executive Secretary and CEO Dr Rabiu Olowo disclosed that available data shows Nigeria has only 28 actuaries. He described this number as insufficient to ensure credible financial reporting in the insurance, health, and banking sectors.

Dr Olowo stressed the need for greater awareness at the grassroots level, prompting the decision to engage university students and encourage them to pursue actuarial careers.

“For those interested in the profession, FRC, NADP, and other stakeholders have created an enabling environment, including tuition and examination fee support, as well as addressing barriers hindering the growth of the field,” he said.

He added that other initiatives include capacity building for practitioners, the development of Nigeria’s actuarial practice regulations, collaboration on mortality and mobility tables, bursary awards, sponsorships, and an actuarial summit.

“FRC stands as a guardian of financial integrity. Through regulation and strategic partnerships, we ensure transparency and economic stability. This initiative aims to tackle the actuarial talent shortage, strengthen financial stability, enhance compliance with global standards, and create career pathways for industry collaboration,” Olowo stated.

Professor Ismaila Adeleke of the University of Lagos, speaking on Who Are Actuaries?, explained that actuarial science applies mathematical and statistical methods to assess and manage financial risks, particularly in insurance and finance.

Professor Adesina Ayinde highlighted the need for universities to offer actuarial science, noting that out of Nigeria’s 223 universities, only eight provide the course. He also pointed out that while the country has 50,000 accountants, none are actuaries.

Other speakers included Kingsley Miller, immediate past president of the Nigeria Actuarial Association, who spoke on Introduction to Actuarial Science and Career Pathways, and Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, who discussed The NADP: Vision, Objectives and Opportunities for Students.