FRC: Nigeria Needs Actuarial Experts to Build Resilient, Competitive Economy

•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: “Creating Value and Building Resilience in an Evolving Industry.”

Olowo said: “We recognise that for Nigeria to build a resilient and competitive economy, we need a robust pipeline of actuarial experts.

“Let me be frank: Nigeria currently has fewer than 30 qualified actuaries, while South Africa has about 2,000.

“This is a capacity gap that directly affects our ability to manage pension funds, price risk, value liabilities, and attract investment.”

He also disclosed the FRC’s resolve and commitment to building Nigeria’s actuarial capacity and aligning it with global standards.

Olowo added: “But we are not standing still. Through strong partnerships, including many of you represented here today, we are committed to building Nigeria’s actuarial capacity and aligning it with global standards.

“At 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 — it was strategic.” 

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, “the actuarial profession is uniquely positioned through its deep foundations in mathematics, risk modelling, and financial foresight to lead in this moment,” adding that the “question is not whether actuaries are relevant. The question is whether we are fully leveraging their expertise to create value and resilience for society.”

Today’s actuaries, according to him, are not only designing insurance products or calculating pension liabilities but are also “modelling 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.”

He added that “as 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?”

These areas, he said, “are the frontiers where actuarial science must operate. And these are the challenges we must tackle together.”

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 “resilience as we understand it to be the ability to withstand shocks may no longer be enough.”

He added: “My favourite author, Nassim Nicholas Taleb (writer of the Black Swan), in his book Antifragile offers a provocative distinction: “the resilient resists shocks and stays the same; the anti-fragile gets better.

“In other words, it is not sufficient for institutions or professionals to simply survive volatility – we must learn to create value from it, to benefit from it, to adapt and to grow stronger.

“As actuaries, our role goes beyond analysis—it extends to leadership, stewardship, and innovation.

“This conference is a space for us to reflect, retool, and reimagine how we add value and build resilience in everything we do.

“Our profession is a calling to build resilience, equipping businesses, institutions and communities to thrive amidst uncertainty and change.”

He said that this year’s conference was more than a series of sessions.

“It’s a platform for bold thinking, meaningful collaboration, and impactful action.

“Let’s make the most of this moment—sharing knowledge, shaping solutions, and building a future defined by value, resilience, and lasting impact,” he said.