FRC targets undergraduates to build next generation of Actuaries

The Financial Reporting Council of Nigeria (FRC) has intensified efforts to build a pipeline of actuarial professionals by targeting undergraduates, urging students to pursue careers in actuarial science to address a severe skills shortage in the country.

The Council said Nigeria currently has barely 28 certified actuaries for a population of about 240 million, describing the profession as one of the most critically understaffed in the financial services sector despite its central role in risk management, insurance, pensions and investment decision-making.

Speaking at the departmental day of the Department of Insurance and Actuarial Science at Lagos State University of Science and Technology (LASUSTECH), Ikorodu, Mufutau Olasunkanmi, former head of the Directorate of Audit Practice Standards at the FRC, said the Council is deliberately focusing on students as part of a long-term strategy to close the gap.

He warned that the shortage has become so acute that regulators are unable to attract applicants when actuarial roles are advertised, forcing Nigeria to look beyond its borders to countries such as Kenya, South Africa and the United Kingdom to fill critical positions.

“The most endangered profession in Nigeria is the actuarial profession because out of about 240 million Nigerians, we have only 28 actuaries,” he said, adding that the global demand for actuaries means qualified professionals are quickly sought after once they pass certification exams.

To incentivise entry into the profession, Olasunkunmi disclosed that the FRC has introduced a refund scheme for students who pass any stage of the actuarial professional examinations. According to him, candidates who complete exams can present their results to the Council for reimbursement of their exam fees.

“Write the examination. If you pass today, FRC will give you your money. As of this year, we are paying for about 17 students. Once you pass, bring your results, we will pay you,” he said.

Beyond financial incentives, the Council is also working to lower barriers to entry by facilitating access to training and international expertise. Olasunkunmi said plans are underway to connect Nigerian students with experienced actuarial professionals from countries such as India through online learning platforms, while also introducing scholarships for top-performing students and graduates.

He added that efforts are being made to strengthen teaching capacity within universities by training lecturers, ensuring that students receive the technical grounding required to succeed in the highly specialised field.

Highlighting the career prospects, he noted that actuarial science combines advanced mathematics, probability theory, economics and statistics to assess and manage financial risks across industries, making it indispensable to modern financial systems. He stressed that the earning potential reflects the scarcity, stating that what actuaries earn in a week could surpass what some professionals earn over decades.

He urged students to take advantage of the opportunities being created, noting that early commitment to the profession significantly improves the chances of success in the rigorous certification process.

In her remarks, Kudirat Adeola Banjo, Head of Department of Insurance and Actuarial Science at LASUSTECH, said the focus on actuarial science is timely given the increasing complexity and uncertainty in the global risk environment.

She said the theme of the event, “Risk Quantification and Insurance Mechanism: Bridging Theory and Practice,” underscores the need to align academic knowledge with practical industry demands.

Banjo noted that while universities provide theoretical foundations, excellence in the field requires the ability to apply knowledge to real-world challenges, particularly in risk identification, measurement and management.

She urged students to see themselves as future industry leaders and to develop not only technical competence but also integrity, adaptability and a commitment to continuous learning.

The push by the FRC signals a broader effort to strengthen Nigeria’s financial ecosystem by developing local expertise in risk assessment, reducing reliance on foreign professionals and positioning the next generation of graduates to meet both domestic and global demand for actuarial talent.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.