The Financial Reporting Council of Nigeria has called on Nigerian undergraduates to consider careers in actuarial science, highlighting the profession as one of the most promising yet critically understaffed in the country’s financial sector.
According to the council, Nigeria currently has fewer than 30 certified actuaries serving a population of over 200 million, creating a significant gap in expertise needed for risk assessment and financial planning.
Speaking at a departmental event at Lagos State University of Science and Technology in Ikorodu, the Head of Audit Practice Standards at the FRC, Mufutau Olasunkunmi, described actuarial science as one of the “most endangered professions” in the country.
He noted that the shortage is so severe that financial regulators often struggle to fill actuarial roles locally, forcing them to recruit professionals from countries such as Kenya, South Africa, and the United Kingdom.
Olasunkunmi emphasized that actuaries are highly valued globally due to their expertise in mathematics, statistics, and risk analysis, adding that their earnings can be exceptionally high compared to many other professions.
To encourage more students to join the field, the FRC has introduced incentives, including reimbursing examination fees for students who pass actuarial certification stages. The council is also investing in training support by providing access to international tutors and developing online learning platforms.
“We want students to start early and take advantage of these opportunities,” Olasunkunmi said, adding that the council is already supporting several students and plans to expand scholarships and training initiatives.
Also speaking at the event, the Head of the Department of Insurance and Actuarial Science at LASUSTECH, Associate Professor Kudirat Banjo, stressed the importance of combining theoretical knowledge with practical application.
She noted that in today’s unpredictable global environment, the ability to measure and manage risk is more critical than ever, urging students to develop not only technical skills but also qualities such as integrity, adaptability, and continuous learning.
Banjo encouraged students to view themselves as future leaders in the financial industry and to take full advantage of opportunities that bridge academic knowledge with real-world practice.
