‘Nigeria needs 2000 actuaries to evolve nation’s financial sector’

The Financial Reporting Council of Nigeria (FRCN) has said Nigeria needs at least 2000 actuaries to support the nation’s financial sector’s evolution. The council however frowned at the inability of the country to produce more actuaries, saying there are 28 presently in the country. Speaking at a one-day Nigerian Actuarial Development Programme(NADP) advocacy outreach for […]

The Financial Reporting Council of Nigeria (FRCN) has said Nigeria needs at least 2000 actuaries to support the nation’s financial sector’s evolution.

The council however frowned at the inability of the country to produce more actuaries, saying there are 28 presently in the country.

Speaking at a one-day Nigerian Actuarial Development Programme(NADP) advocacy outreach for students in Kaduna, the Executive Secretary and Chief Executive Officer, FRC, Dr. Rabiu Olowo, disclosed that the council had launched a comprehensive initiative to build a strong pipeline of actuarial talent in the country.

He added that NADP aims to address the significant shortage of actuaries in Nigeria, with fewer than 30 fully qualified professionals in the field.

“Nigeria needs at least 2,000 actuaries to meet national demand and support the financial sector’s evolution. The current shortage not only limits the ability to manage risk effectively but also undermines the resilience of institutions,” he said.

Also, the Head, Directorate of Financial Reporting Council of Nigeria, Ayinde Olasukanmi, highlighted the significant shortage of actuaries in Nigeria, with only 28 qualified professionals in the field.

He explained that actuaries are experts who help predict the future of businesses to avoid risk and are often referred to as ‘financial soothsayers’.

Professor Halima Sani Sambo, Head of Department, Actuarial Science and Insurance, ABU highlighted poor awareness about actuarial science and pledged to create awareness about the profession in secondary schools.