Says 30 qualified actuaries too small for Nigeria
Dike Onwuamaeze
The Executive Secretary/CEO, Financial Reporting Council of Nigeria (FRC) Dr. Rabiu Olowo, has declared that Nigeria needs actuarial expertise to build a resilient and competitive economy and to manage pension funds, price risk, value liabilities, and attract investments.
Olowo, made this declaration yesterday in his keynote address at the opening ceremony of the 2025 Nigerian Actuarial Society (NAS) Annual Industry Conference with the theme: 鈥淐reating Value and Building Resilience in an Evolving Industry.鈥
Olowo said: 鈥淲e recognise that for Nigeria to build a resilient and competitive economy, we need a robust pipeline of actuarial experts.
鈥淟et me be frank: Nigeria currently has fewer than 30 qualified actuaries, while South Africa has about 2,000.
鈥淭his is a capacity gap that directly affects our ability to manage pension funds, price risk, value liabilities, and attract investment.鈥
He also disclosed the FRC鈥檚 resolve and commitment to building Nigeria鈥檚 actuarial capacity and aligning it with global standards.
Olowo added: 鈥淏ut we are not standing still. Through strong partnerships, including many of you represented here today, we are committed to building Nigeria鈥檚 actuarial capacity and aligning it with global standards.
鈥淎t the Financial Reporting Council, we have responded to this imperative with action. Early last year, we operationalised the Directorate of Actuarial Standards as one of the key pillars of financial sector reform in Nigeria. This move was not administrative 鈥 it was strategic.鈥
He said the world was witnessing profound shifts in how value is measured, how risk is assessed, and how systems respond to rapid change, especially with the rise of artificial intelligence to climate uncertainty, from geopolitical realignment to the evolving nature of financial products.
He, however, said that amid these shifts, 鈥渢he actuarial profession is uniquely positioned through its deep foundations in mathematics, risk modelling, and financial foresight to lead in this moment,鈥 adding that the 鈥渜uestion is not whether actuaries are relevant. The question is whether we are fully leveraging their expertise to create value and resilience for society.鈥
Today鈥檚 actuaries, according to him, are not only designing insurance products or calculating pension liabilities but are also 鈥渕odelling the financial implications of climate change, anticipating demographic shifts and healthcare trends, supporting financial stability through stress testing and solvency analysis and advising on digital risks, cyber threats, and the ethical use of AI.鈥
He added that 鈥渁s regulators, we depend on actuaries to help answer difficult and often existential questions such as: how do we value assets in an increasingly intangible economy? How do we protect public interest while fostering innovation? How do we integrate risk, sustainability, and resilience into long-term economic planning?鈥
These areas, he said, 鈥渁re the frontiers where actuarial science must operate. And these are the challenges we must tackle together.鈥
In his remarks, the President of NAS, Mr. Jolaolu Fakoya, said that the theme of the conference was a reflection of the changing times we live in, and the critical role actuaries play in shaping strong, sustainable systems.
Fakoya, said the call to create value and build resilience was more than a theme, but a professional imperative at a time businesses are navigating an economy marked by uncertainty, disruption and transformation.
Fakoya added that 鈥渞esilience as we understand it to be the ability to withstand shocks may no longer be enough.鈥
He added: 鈥淢y favourite author, Nassim Nicholas Taleb (writer of the Black Swan), in his book Antifragile offers a provocative distinction: 鈥渢he resilient resists shocks and stays the same; the anti-fragile gets better.
鈥淚n other words, it is not sufficient for institutions or professionals to simply survive volatility 鈥 we must learn to create value from it, to benefit from it, to adapt and to grow stronger.
鈥淎s actuaries, our role goes beyond analysis鈥攊t extends to leadership, stewardship, and innovation.
鈥淭his conference is a space for us to reflect, retool, and reimagine how we add value and build resilience in everything we do.
鈥淥ur profession is a calling to build resilience, equipping businesses, institutions and communities to thrive amidst uncertainty and change.鈥
He said that this year鈥檚 conference was more than a series of sessions.
鈥淚t鈥檚 a platform for bold thinking, meaningful collaboration, and impactful action.
鈥淟et鈥檚 make the most of this moment鈥攕haring knowledge, shaping solutions, and building a future defined by value, resilience, and lasting impact,鈥 he said.