The Financial Reporting Council of Nigeria has launched an initiative to address the critical shortage of actuarial professionals in the country by offering scholarships to outstanding students.

This was revealed at the University of Lagos during a career advocacy session with newly admitted postgraduate students of the Department of Actuarial Science and Insurance.

The Head of the Directorate of Actuarial Standards at FRC, Mr Olasunkanmi Ayinde, who spoke at the event, said that the body, under the leadership of its Executive Secretary/Chief Executive Officer, Dr Rabiu Olowo, was determined to reverse the trend and promote the study and teaching of actuarial science in Nigeria.

He said, “The less than 30 actuarial professionals in Nigeria are unacceptable. South Africa has almost 2,000. In Nigeria, we have about 60,000 chartered accountants; we have about 40,000 bankers and 9,000 registered insurance professionals. But we have less than 30 actuarial professionals in Nigeria. Some of them are even foreigners. In fact, there are 28 of them in Nigeria: five associates and 23 fellows. You can see that we have problems on our hands.”

https://punchng.com/frc-offers-scholarships-to-boost-actuarial-science/