FRC, NADP decry shortage of actuarial professionals in Nigeria - Buzzyforum
FRC, NADP decry shortage of actuarial professionals in Nigeria
The Financial Reporting Council of Nigeria and the Nigerian Actuarial Development Programme have raised concerns over the severe shortage of actuarial professionals in the country, warning that the gap poses risks to credible financial reporting in key sectors such as insurance, banking, and healthcare.
Speaking at an event on Thursday themed “Building Capacity for Actuarial Excellence in Nigeria” at the University of Benin, the Executive Secretary/CEO of FRC, Dr. Rabiu Olowo, disclosed that Nigeria has only 28 qualified actuaries, a number he described as grossly inadequate for a nation of its size.
He noted that FRC and NADP were intensifying advocacy efforts at the grassroots level, including university outreach, to encourage more students to take up the profession.
“To bridge the gap, we have put in place several incentives, such as covering tuition and examination fees, to support students in passing their actuarial professional exams,” Olowo stated.
He also highlighted ongoing initiatives aimed at strengthening the profession, including capacity-building programs, the development of actuarial practice regulations, and collaborations on mortality and mobility tables for Nigeria.
Professor Ismaila Adeleke of the University of Lagos, while speaking on the topic ‘Who Are Actuaries?’ explained that actuarial science applies mathematical and statistical models to assess financial risks, particularly in the insurance and finance industries.
“Actuaries analyze data, predict future events, and assess financial impacts. Their work is crucial in setting insurance premiums, managing reserves, and evaluating the financial stability of firms. They also contribute significantly to investment risk assessment and healthcare cost predictions,” Adeleke said.
He lamented that out of Nigeria’s 223 universities, only eight offer actuarial science as a course, and despite having over 50,000 accountants in the country, none is an actuarial professional.
Other speakers at the event included Kingsley Miller, immediate past president of the Nigeria Actuarial Association, who discussed career pathways in the field, and Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, who spoke on the objectives and opportunities of the NADP.
https://punchng.com/frc-nadp-decry-shortage-of-actuarial-professionals-in-nigeria/
Speaking at an event on Thursday themed “Building Capacity for Actuarial Excellence in Nigeria” at the University of Benin, the Executive Secretary/CEO of FRC, Dr. Rabiu Olowo, disclosed that Nigeria has only 28 qualified actuaries, a number he described as grossly inadequate for a nation of its size.
He noted that FRC and NADP were intensifying advocacy efforts at the grassroots level, including university outreach, to encourage more students to take up the profession.
“To bridge the gap, we have put in place several incentives, such as covering tuition and examination fees, to support students in passing their actuarial professional exams,” Olowo stated.
He also highlighted ongoing initiatives aimed at strengthening the profession, including capacity-building programs, the development of actuarial practice regulations, and collaborations on mortality and mobility tables for Nigeria.
Professor Ismaila Adeleke of the University of Lagos, while speaking on the topic ‘Who Are Actuaries?’ explained that actuarial science applies mathematical and statistical models to assess financial risks, particularly in the insurance and finance industries.
“Actuaries analyze data, predict future events, and assess financial impacts. Their work is crucial in setting insurance premiums, managing reserves, and evaluating the financial stability of firms. They also contribute significantly to investment risk assessment and healthcare cost predictions,” Adeleke said.
He lamented that out of Nigeria’s 223 universities, only eight offer actuarial science as a course, and despite having over 50,000 accountants in the country, none is an actuarial professional.
Other speakers at the event included Kingsley Miller, immediate past president of the Nigeria Actuarial Association, who discussed career pathways in the field, and Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at FRC, who spoke on the objectives and opportunities of the NADP.
https://punchng.com/frc-nadp-decry-shortage-of-actuarial-professionals-in-nigeria/
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