The Financial Reporting Council (FRC) of Nigeria has raised the alarm over the severe shortage of actuaries in the country, revealing that just 28 qualified professionals are available to serve the entire nation—far below the 2,000 needed to support Nigeria’s growing financial sector.
This was revealed by the FRC’s Executive Secretary and CEO, Dr. Rabiu Olowo, during a one-day Nigerian Actuarial Development Programme (NADP) outreach held at Ahmadu Bello University (ABU) in Zaria, Kaduna State. Themed “Building Capacity for Actuarial Excellence in Nigeria,” the session targeted students to inspire the next generation of actuarial leaders.
“Nigeria needs at least 2,000 actuaries to meet national demand and support the evolution of our financial sector,” Olowo emphasized. “Our current shortage not only affects risk management but also threatens the stability of financial institutions.”
The NADP is a collaborative effort involving regulatory bodies, global professional organizations, development partners like the UNDP, and top consulting firms, all working to reverse the current talent gap in the profession.
Olowo expressed a strong commitment to nurturing actuarial talent across Nigerian universities, including curriculum development, mentoring, research funding, and bursaries. He highlighted plans to position ABU as a regional hub for actuarial excellence in West Africa.
Also speaking at the event, Ayinde Olasukanmi, Head of Directorate at FRC, echoed the critical shortage of actuaries, noting that despite its importance, actuarial science remains underappreciated in Nigeria—more vital than even IT and cybersecurity in some sectors.
“Actuaries are the financial soothsayers,” Olasukanmi explained. “They help forecast future business risks and make data-driven decisions that save institutions millions.”
He also identified the high cost of actuarial exams, usually paid in foreign currency, as a major hurdle for aspiring professionals. To ease this burden, FRC has offered to refund exam fees for students who pass, further demonstrating their “desperate” commitment to building the talent pool.
The Head of ABU’s Actuarial Science and Insurance Department, Prof. Halima Sambo, admitted that low awareness is a major setback and pledged to extend outreach to secondary schools to spark early interest.
Meanwhile, Prof. Mohammed Maiturare, Vice President of NADP and ABU lecturer, pointed to the rising demand for actuaries in banking and healthcare. He emphasized the NADP’s mission to expose students to the global relevance and career potential of actuarial science.
With strategic investments and nationwide awareness, Nigeria is aiming to close its actuarial gap and develop a new generation of professionals capable of securing the country’s financial future.
