The Financial Reporting Council of Nigeria (FRC) has taken decisive steps to bridge the actuarial skill gap in the country through grassroots advocacy and student sponsorship programs. Recognizing the shortage of actuaries in Nigeria, the FRC is implementing initiatives to attract more students into the profession and support them in achieving professional certification.
Speaking at the University of Lagos’ orientation program for new postgraduate students in Actuarial Science and Insurance, Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, highlighted the urgent need to increase the number of qualified actuaries in Nigeria. He noted that the country currently has only 28 certified actuaries—a number that falls significantly short of industry demand.
To address this issue, the FRC has introduced advocacy outreach programs in secondary schools, educating students on the importance and career prospects of actuarial science. This early intervention aims to inspire young minds to pursue actuarial studies at the university level.
In addition to awareness campaigns, FRC has committed to sponsoring the best 10 graduating master’s students in Actuarial Science to encourage excellence in the field. Furthermore, students who pass the professional actuarial exams will be refunded their exam fees, providing a strong incentive to pursue certification.
Actuaries play a crucial role in the insurance, banking, and financial industries, helping companies assess risk, make strategic financial decisions, and ensure regulatory compliance. With the increasing demand for insurance services, pension schemes, and risk management solutions, the shortage of actuaries poses a challenge for financial institutions seeking qualified professionals.
The University of Lagos (UNILAG), which offers BSc, MSc, and PhD programs in Actuarial Science, has been at the forefront of actuarial education in Nigeria. The university is the only institution in Africa with Institute and Faculty of Actuaries (IFoA) accreditation, allowing students to gain exemptions from up to six professional actuarial exams.
The Nigerian Actuarial Society (NAS) has also been instrumental in supporting actuarial students by connecting them with industry professionals. Dallah Hamodu, Head of the Actuarial Science & Insurance Department at UNILAG, emphasized the importance of NAS in preparing students for industry demands and bridging the gap between education and professional practice.
Looking ahead, UNILAG is focused on securing accreditation for its undergraduate actuarial program, which will further strengthen the pipeline of young professionals entering the industry.
The FRC’s proactive efforts in addressing the actuarial skill gap reflect a broader commitment to strengthening Nigeria’s financial sector. By investing in talent development, fostering industry-academic collaborations, and providing financial incentives, the council is paving the way for a more robust and competitive actuarial profession in Nigeria.
