FRC to Train 200 Actuaries in Four Years

Oluchi Chibuzor

With Nigeria having less than 50 professional actuaries in the country, the Financial Reporting Council of Nigeria (FRC) has revealed it has embarked on a strategic intervention to train over 200 actuarial professionals in the country in the next four years.

In achieving the above objectives, the regulatory body yesterday, inaugurated the Nigerian Actuarial Development Programme Workshop with the objectives to ensure the downward trajectory of the profession in the nation is urgently arrested.

Speaking at the virtual inauguration of members of the working group, the Executive Director, FRC, Dr. Rabiu Olowo on Friday, said it was sad to see that the country had less than 50 actuary professionals in the country.

He disclosed that having sat down with the head of the directorate of actuarial standards, they came to the understanding that the field could go into extinction if nothing was done about it.

Challenging members of the group, Olowo, urged them to promote actuarial education and increase the number of qualified actuaries and actuarial professionals in Nigeria “from current 50 to 200 in the next four years.”

According to him, the vision for the Nigeria Actuary Development Programme Work Group was to cultivate a pipeline of skilled professionals who are fuelled and driven to meet sustainable growth and those who advocate financial inclusion, to mitigate risk within the economy.

The FRC boss said the task could only be achieved through targeted training, mentorship, capacity building initiatives, adding that the FRC aspires to empower individuals to excel in this dynamic field and contribute meaningfully to the nation’s development agenda.

“If we don’t come together to serve as catalyst for broad bases collaboration and partnership across industries by saying alliance with regulatory bodies like ourselves, educational institutions, industry stakeholders we can collectively address the evolving needs of our economy and ensure the practice of actuary science remains alive, relevant and Impactful in Nigeria,” he explained.

Reeling out objectives of the programme, Olowo noted that their responsibility was to support the career growth and development of aspiring and practicing actuaries in Nigeria through mentorship, networking and educational opportunities.

The working group is also to ensure collaboration and engagement between the actuarial profession and industries in Nigeria in relationships that would promote the applications of actuarial principles in decision-making and risk management.

They are also expected to ensure acceptance and regulatory requirement and standards governing the actuarial profession in Nigerian including licensing, registration, inspection and conducts.

In his acceptance speech, the Chairman of the working group for the programme, Mr. Rotimi Okpaise, said all members of the committee were passionate about the actuary profession, its growth and relevance.
“So we are happy to have the support at the highest level of the FRC because the FRC affects every part of this nation when it comes to reporting. So we do not take it for granted, it is a very big challenge and we thank you sir for inviting us to contribute to the growth of both the actuary profession and the quality of our actuary reporting in Nigeria.
“We assure you sir that we also come with a lot of enthusiasm and we are optimistic to ensure that we do not disappoint you in delivering on the goals which you have highlighted.”