Summary
The initiative’s vision for Nigeria is a strong and sustainable supply of actuarial capacity along with an increasing demand for that actuarial capacity, adding strategic value within an effective and facilitative regulatory environment. With the impending requirement of in-house actuarial functions within insurance companies as well as the implementation of International Financial Reporting Standard (IFRS) 17 and the general need for Nigeria to move beyond its low insurance penetration rate, insurers are keen to form their own actuarial departments. Multiple road map interventions were agreed by key stakeholders with a focus on enhancing the actuarial profession by working together and adopting strategies with universities, supervisory authorities, insurance companies, actuarial practitioners and legislative authorities.
Actuarial profession in Nigeria: Vision for 2033 – a possible vision for a sustained actuarial market in 10+ years
The most recent assessment mission to Nigeria of 19-26 September 2023 reaffirmed the commitment of stakeholders in the country to develop and sustain a robust actuarial market in Nigeria. Given the length of time required to develop qualified actuaries, this goal is likely to take 10 years or more, even with sustained efforts and investment. The graphic in Figure 1 illustrates what that future may look like.
Figure 1: A future robust actuarial market in Nigeria
Path to a strong actuarial profession
The three main building blocks and vision for developing a robust actuarial profession in Nigeria are shown in Figure 2.
Figure 2: Developing the actuarial profession in Nigeria
The table in Figure 3 details a summary of the interventions identified to realise the objectives.
Figure 3: Interventions identified
| GOAL 1: Enhancing the educational pathway (Supply) | • Industry adjuncts at UNILAG • Creating awareness about the profession • Internships for university students • Exam-focused tutorials • Accreditation by the Institute and Faculty of Actuaries (IFoA) for UNILAG's MSc Program and BSc Program • Actuarial faculty development for UNILAG lecturers, involving four components • Mentorship program by Milliman, with active transition to the Nigerian Actuarial Society (NAS) |
| GOAL 2: Expanding employment opportunities (Demand) | • Develop and implement an industry-wide Actuarial Capacity Development Framework • Webinar to senior management on value of actuaries and setting up actuarial departments • Work application training through a panel of experts by Milliman |
| GOAL 3: Strengthening public policy and regulatory environment | • Capacity building at NAICOM • Provide support to the National Health Insurance Authority (NHIA) on enhancing actuarial capacity • Provide support to the National Pension Commission (PENCOM) on specific actuarial perspectives agreed • Actuarial Charter Bill • Mortality table |
For more information about the UNDP-Milliman Global Actuarial Initiative, please visit our main page or the programme fast facts.
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