The Financial Reporting Council of Nigeria has expressed concern over the acute shortage of actuarial professionals in the country, revealing that a nation of over 200 million people currently depends on fewer than 30 certified actuaries.
Actuarial professionals (or actuaries) are specialists who use mathematics, statistics, economics, and financial theory to assess and manage risk and uncertainty. In simple terms, they help organisations predict and prepare for future financial risks—especially those that are uncertain but potentially costly.
Speaking on Thursday at the Babs Fafunwa Millennium Secondary School in Lagos during a nationwide advocacy outreach under the Nigerian Actuarial Development Programme, a representative of the FRC, Harris Oshojah, described the talent gap as a major vulnerability for the financial system.
The sensitisation programme, themed “Catch Them Young Initiative: Building Capacity for Actuarial Excellence in Nigeria,” was launched to introduce secondary school students to opportunities in the field.
“We are here to sensitise students about the need for actuarial science as a course because presently there is an acute shortage of actuaries in Nigeria,” Oshojah stated. “A lot of students are not aware that there are enormous opportunities embedded in actuarial science.”
He explained that actuarial professionals are urgently needed across critical sectors, including banking, insurance, pensions, healthcare, government institutions, and consulting firms, because of their specialised expertise in risk assessment, forecasting, and financial modelling.
“Once you have the certification, it becomes international. You can work in any sector of the Nigerian economy and even outside Nigeria,” he noted.
Oshojah observed that the lack of local professional examination structures has slowed the development of the discipline in Nigeria, unlike professions such as accounting and engineering that have established local certification bodies.
“The examinations are expensive because they are paid for in foreign currency, but the Financial Reporting Council has stepped in to encourage students. If they pass the examination, we try as much as possible to reimburse them,” he disclosed.
Delivering the keynote address titled “Who Are the Actuaries?”, Professor Ismail Adeleke described actuarial science as a protective framework for economic systems, combining mathematics, economics, and financial skills to manage risk.
“Actuarial science is at the backbone of the economy. It helps to design means of avoiding risks and managing uncertainties about the future,” Adeleke stated.
The professor urged students to strengthen their knowledge of mathematics, financial mathematics, and technology-related subjects, stressing that artificial intelligence and data science are rapidly transforming modern actuarial practice globally.
Supporting this view, another keynote speaker, Mr Olasunkanmi Ayinde, told the gathering that actuarial professionals rank among the highest-paid experts globally due to the worldwide scarcity of qualified practitioners.
“Nothing good comes easy. But if you are serious and you have the right support, you will pass,” Ayinde told the students, encouraging them not to be discouraged by the perceived difficulty of the professional examinations.
The Principal of the school, Olutoto Olufemi Alani, pledged his support for students interested in the pathway, promising to introduce economics as a subject option to help prepare science candidates for future actuarial studies.
Bringing the session to a close, Oshojah urged students to act on the insights shared to secure their career trajectories. “Today’s theme will propel you into the future. What you become tomorrow starts from the decisions you make today,” he concluded.
