Nigeria has less than 30 qualified actuaries — FRC

Nigeria currently has fewer than 30 qualified actuaries, the Executive Secretary/CEO, Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has disclosed . Olowo said the capacity gap that directly affects the country’s ability to manage pension funds, price risk, value liabilities, and attract investment. He spoke in Lagos while delivering a keynote address at the […]

Nigeria currently has fewer than 30 qualified actuaries, the Executive Secretary/CEO, Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has disclosed .

Olowo said the capacity gap that directly affects the country’s ability to manage pension funds, price risk, value liabilities, and attract investment.

He spoke in Lagos while delivering a keynote address at the opening ceremony of the Nigerian Actuarial Society (NAS) 2025 Annual Industry Conference with the theme: “Creating Value and Building Resilience in an Evolving Industry”

Globally, Olowo said there are profound shifts in how value is measured, how risk is assessed, and how systems respond to rapid change. 

He cited the rise of artificial intelligence, climate uncertainty, geopolitical realignment and the evolving nature of financial products.

“We are living in a world of complexity and unpredictability,” he said.

He said amid the flux, the pivotal role of actuaries in navigating uncertainty, guiding long-term decisions, and building sustainable systems remain constant.

The FRCN Boss pointed out that for Nigeria to build a resilient and competitive economy, it needs a robust pipeline of actuarial experts. 

 

 

 

“Let me be frank: Nigeria currently has fewer than 30 qualified actuaries, an economy similar to ours, South Africa has about 2,000. This is a capacity gap that directly affects our ability to manage pension funds, price risk, value liabilities, and attract investment,” he said.

 

 

 

The Commissioner for Insurance/CEO, National Insurance Commission (NAICOM) Olusegun Omosehin, represented by the Deputy Commissioner for Insurance, Dr Usman Jankara, said Nigeria’s insurance sector has been undergoing significant transformation driven by technological innovation, shifting consumer expectations and evolving regulatory framework.

 

 

 

He said the industry has shown tremendous resilience and growth, saying as of 2025 Q1, the sector recorded a 63 percent increase in gross premium income compared to Q1 2024.   

 

 

 

In his address, the NAS President, Jolaolu Fakoya, said the conference remains a platform for bold thinking, meaningful collaboration, and impactful action.