The Financial Reporting Council of Nigeria has introduced an initiative aimed at addressing the shortage of actuarial professionals in the country by offering scholarships to exceptional students.
This was announced during a career advocacy session with newly admitted postgraduate students of the Department of Actuarial Science and Insurance at the University of Lagos.
Speaking at the event, the Head of the Directorate of Actuarial Standards at the FRC, Mr. Olasunkanmi Ayinde, stated that under the leadership of the Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, the body is committed to reversing the shortage of actuarial professionals and promoting the study and teaching of actuarial science in Nigeria.
He said, “The less than 30 actuarial professionals in Nigeria are unacceptable. South Africa has almost 2,000. In Nigeria, we have about 60,000 chartered accountants; we have about 40,000 bankers and 9,000 registered insurance professionals. But we have less than 30 actuarial professionals in Nigeria. Some of them are even foreigners. In fact, there are 28 of them in Nigeria: five associates and 23 fellows. You can see that we have problems on our hands.”
Ayinde highlighted the essential role of actuaries in the financial sector, which includes determining insurance premiums and assessing financial risks.
He pointed out that every insurance company in Nigeria, as well as regulatory bodies like the Central Bank of Nigeria, the National Insurance Commission, the National Pension Commission, and the National Health Insurance Authority, should employ at least one or two actuarial scientists.
To address this shortage, the FRC, in partnership with the Nigerian Actuarial Society, PenCom, and other stakeholders, is taking steps to remove barriers and promote the growth of the profession.
“We are introducing a sponsorship programme. This year, the best 10 graduating students will be sponsored for professional examinations. The ball is now in your court,” Ayinde told the students.
He also mentioned that the FRC’s campaign to promote actuarial science had already extended to secondary schools.
“We are going down even to secondary schools in the form of advocacy outreach. We went to a Baptist High School in Jos and then ECWA Staff High School, Jos, and they are showing interest in applying for the course in the university,” he said.
Regarding the programme, he said, “The programme that we have come to matriculate today is an M.Sc. programme of the University of Lagos that has accreditation from the Institute and Faculty of Actuaries of the United Kingdom. This will encourage the students to work hard to be among the best 10. Moreover, we will refund those that pass their professional exam their money.”
