Why Nigeria needs more actuarial scientists – FRC

The Financial Reporting Council of Nigeria (FRC) has continued its campaign to promote Actuarial Science in secondary schools, urging them to consider the course to tackle the lack of professionals in the country.

The council took its awareness program to C.M.S Grammar School in Bariga, Lagos, on May 29 to teach the students about the advantages of the profession.

Harris Oshojah, head of the directorate of Actuarial Standards, FRC explained that Nigeria continues to hire professionals from South Africa and other foreign countries for the job due to lack of qualified experts in the country.

“There is an acute shortage and that is a big issue in the country, because the few ones that are managing the risk are overwhelmed. And you even have some of them that come from other foreign countries to come and work for us. For instance, in South Africa, we have over 2,000 actuaries. So, some of the actuaries we are even using now, are from South Africa and some other Western jurisdiction,” he said.

Oshojah explained that even though Nigeria has a population of over 200 million people, there are fewer than 30 qualified actuaries working in the country today.

He said, “We regulate accountants, auditors, actuaries, and valuers. In the process of carrying out our routine operation, we find out that there is an acute shortage of actuaries in Nigeria that will not be able to meet up the demand of what is required in the country.

“We have over 200 million people and we have less than 30 actuaries to service this population. We are here to sensitise the students about the need for them to pursue actuarial science as a career that is in high demand compared to other professions that we have so many.”

The director noted that while Nigeria has many accountants and auditors, the actuarial field is empty and it forces some businesses to bring in experts from foreign countries like South Africa.

He added, “What they do basically is to identify risk and mitigate against it. They are highly needed even in insurance companies, pension companies, in investment banking, and several other sectors. If you don’t study it, you can’t do it.”

Oshojah also announced that the council is ready to support students who choose this job by paying them back for their professional examination fees, which are usually paid in dollars, as long as they pass their papers.

Ismaila Adeleke, head of the Insurance and Actuarial Department at the University of Lagos, told the students to look closely at the course, describing it as one of the best paying jobs in the world for anyone who wants a career that brings in a lot of money.

Adeleke added that the growing economy needs professionals who know about numbers to protect public and private money from getting lost.

He said, “Actuarial science is a field of study that applies mathematical skills, statistical skills, finance skills, and economics to solve risk problems. They are very important in assessing risk of any activity that you want to carry out. You find them in insurance industry, they calculate premium, you also find them in the pension industry”

He explained that the main requirements to study the course include credits in English, Mathematics, Economics, and any other two subjects in secondary school.

Also speaking at the school, Olasunkanmi Ayinde, head of Auditing Practices Standards at the council, said the job touches every part of life where money is involved, including how the government shares tax money and how the stock market works.

“Your parents will spend less, and you will become a professional at a very young age. This is a very golden opportunity for you. Don’t look at it as if it’s too difficult. Yes, it requires mathematics, it requires statistics, it requires hard work. But if you are determined, you can do it. You are the future of this country, and we need you to help us salvage this economy.”