Nigeria to adopt international actuarial standards
The Executive Secretary of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, has revealed intentions to incorporate international standards for actuarial practice into the regulatory framework of Nigeria.Olowo shared this information on Wednesday during the 2025 Annual Industry Conference of the Nigerian Actuarial Society, which was centered around the theme “Creating Value and Building Resilience in an Evolving Industry.”
He mentioned, “We have recently completed the exposure of the Draft Nigerian Actuarial Practice Regulations 2025, which recommends the full integration of International Standards of Actuarial Practice into Nigeria’s regulatory framework.”
He indicated that the Council, in collaboration with the Federal Ministry of Education and the Federal Ministry of Industry, Trade and Investment, “will be leading the initiative to create a comprehensive national policy framework aimed at providing federal funding for actuarial education at both tertiary and postgraduate levels, introducing actuarial science as a subject at the senior secondary level, and embedding actuarial concepts within primary school social science curricula to stimulate early interest.”
“This is a significant undertaking. It will necessitate a thorough redesign of the curriculum, along with the recruitment and training of qualified educators. However, if Nigeria aims to compete globally, this is the direction we must pursue,” he emphasized.
The Commissioner for Insurance, Olusegun Omosehin—who was represented by Deputy Commissioner Dr. Usman Jankara—pointed out that it is crucial for participants in the insurance sector to take intentional steps toward enhancing actuarial capacity.
He stated, “As part of our strategy at the National Insurance Commission, we have finalized guidance on insurtech operations in Nigeria, which will soon be released. The Commission has also initiated the actuarial capacity development program, which aims to nurture actuarial talent, and efforts to implement this are currently underway.”
Nonetheless, there are several challenges, with funding being a primary concern. We are proactively engaging with development partners such as the Africa Re Foundation, GIZ, UNDP, and other international donors to obtain funding and support for this initiative. During these ongoing efforts, it is essential for the Nigerian insurance industry to make a firm commitment to fund targeted actuarial capacity development.
Established in December 1986, the Nigerian Actuarial Society is the leading professional body for actuaries and actuarial students in Nigeria, dedicated to promoting the practice and growth of actuarial science within the country.
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