The Executive Secretary of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, has announced plans to integrate international standards on actuarial practice into Nigeria’s regulatory framework.

Olowo made this disclosure on Wednesday at the 2025 Annual Industry Conference of the Nigerian Actuarial Society, themed “Creating Value and Building Resilience in an Evolving Industry.”

He said, “We have just concluded the exposure of the Draft Nigerian Actuarial Practice Regulations 2025, which proposes the adoption of International Standards of Actuarial Practice to be fully integrated into Nigeria’s regulatory framework.”

He stated that the Council, in partnership with the Federal Ministry of Education and the Federal Ministry of Industry, Trade and Investment, “will be spearheading the design of a bold national policy framework to provide federal funding for actuarial education at tertiary and postgraduate levels, introduce actuarial science as a subject at the senior secondary level and integrate actuarial concepts within primary school social science curricula to spark early interest.

“This is no small task. It will require comprehensive curriculum redesign, as well as recruitment and training of qualified educators. But if Nigeria is to be globally competitive, this is the path we must take,” he noted.

The Commissioner for Insurance, Olusegun Omosehin—represented by Deputy Commissioner Dr. Usman Jankara—stated that it is time for stakeholders in the insurance sector to take deliberate steps toward developing actuarial capacity.

He said, “As part of our strategy at the National Insurance Commission in this regard, a guidance of insurtech operations in Nigeria has been concluded and will be issued. The Commission has also launched the actuarial capacity development initiative, which is intended to build actuarial talents, and efforts are ongoing to implement it.”

However, there are a lot of challenges, key among which is funding. We are actively engaging development partners such as the Africa Re Foundation, GIZ, UNDP and other international donors to secure funding and support for this initiative. While these efforts are going on, it has become imperative for the Nigerian insurance industry to bite the bullet and commit to funding deliberate actuarial capacity.”

Founded in December 1986, the Nigerian Actuarial Society is the foremost professional organization for actuaries and actuarial students in Nigeria, dedicated to advancing the practice and development of actuarial science in the country.