FRC unveils incentives to grow actuarial workforce

The Financial Reporting Council of Nigeria (FRC) has unveiled a range of incentives aimed at boosting the country’s actuarial workforce, as it moves to address what it described as a critical shortage of certified professionals.

Speaking at Lagos State University of Science and Technology (LASUSTECH), Ikorodu, Former Head of Directorate of Audit Practice Standards, FRC, Mr. Mufutau Olasunkunmi, said: “The most endangered profession in Nigeria is the actuarial profession because out of about 240 million Nigerians, we have only 28 actuaries.”

He added: “The shortage is so acute that when regulators advertise for actuarial roles, they don’t even get applications. We have to go to Kenya, South Africa, England and beyond to scout for actuaries.”

To reverse the trend, Olasunkunmi said the FRC has introduced financial and academic support schemes for students. “Write the examination. If you pass today, the FRC will give you your money. As of this year, we are paying for about 17 students. Once you pass, bring your result, we will refund you,” he said.

He further disclosed: “We are putting structures in place to help you prepare, including bringing in professionals from India and other countries to teach you online. We are also introducing scholarships for the best students and graduates, and even training your lecturers.”

Also speaking, Head of Department of Insurance and Actuarial Science, LASUSTECH, Associate Professor Kudirat Banjo, said: “In a rapidly evolving world characterised by uncertainty and emerging risks, the ability to quantify and manage risk has never been more critical.”

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