The Nigerian Actuarial Society (NAS) has embarked on a crucial step towards strengthening the actuarial profession in Nigeria by seeking collaboration with the Nigerian Insurers Association (NIA) on a draft Actuarial bill. This bill, aimed at solidifying the legal framework for actuarial practice in the country, has been presented to the NIA for review and input before its submission to the National Assembly. This collaborative approach underscores the importance of a unified front within the insurance industry to advance the profession and ensure its effectiveness in contributing to the sector’s growth.
The move comes at a time when the role of actuaries is gaining increasing prominence within the Nigerian insurance landscape. Recent guidelines issued by the National Insurance Commission (NAICOM) mandating actuarial oversight of annuity business have highlighted the need for a robust actuarial workforce. This increased demand has brought into sharp focus the existing shortage of qualified actuaries in the country. The NAS, as the premier professional body for actuaries in Nigeria, is taking proactive steps to address this gap through the proposed bill and its partnership with the NIA. This collaboration is expected to bolster the capacity building initiatives for actuaries and contribute to the development of a more sustainable pipeline of professionals.
During the presentation of the draft bill, the Director-General of the NIA, Mrs. Bola Odukale, commended the long-standing partnership between the two organizations. She acknowledged the vital role played by actuaries in providing technical expertise and support to the NIA, particularly in areas such as regulatory compliance and the development of crucial mortality tables. Odukale emphasized the invaluable nature of this partnership and pledged the NIA’s continued support for the passage of the Actuarial bill. She highlighted the NIA’s commitment to leveraging its network and influence within the insurance industry to advocate for the bill’s successful enactment. This collaborative approach signifies the shared commitment of both organizations to elevate the actuarial profession and ensure its sustainable growth in Nigeria.
Recognizing the current scarcity of actuaries, Odukale underscored the urgency of addressing the capacity building needs within the profession. She noted that both insurance operators and regulators are actively exploring holistic solutions to attract and retain talent in the actuarial field. Odukale particularly emphasized the need to promote the actuarial profession as a prestigious and rewarding career path to attract younger professionals. The NIA has pledged to encourage its member companies to support aspiring actuaries by providing financial assistance for the often-expensive actuarial examinations. This initiative, coupled with other capacity-building efforts, aims to create a more conducive environment for the development of a robust actuarial workforce.
Mr. Jolaolu Fakoya, the President of NAS, expressed gratitude for the NIA’s unwavering support, including the provision of office space for the NAS Secretariat at no cost. He emphasized the importance of the actuarial profession keeping pace with the growth of the insurance industry, advocating for increased visibility and recognition of the actuaries’ contributions. The presentation of the draft bill to the NIA, he noted, signifies a crucial step in this direction. By seeking input from key stakeholders like the NIA, the NAS aims to ensure that the final bill comprehensively addresses the needs of the profession and aligns with the broader goals of the insurance industry. Furthermore, Mr. Fakoya revealed the NAS’s pursuit of charter recognition, similar to that granted to other professional bodies, further underlining the Society’s commitment to enhancing the profession’s standing.
The meeting also highlighted the commitment of both NAS and NIA to fostering deeper collaborations, especially in training and skills development for actuaries. Ms. Yeside Gbenro, Managing Director of NAS, echoed the sentiment of collaboration, emphasizing the need for concerted efforts to expand the pool of qualified actuaries in Nigeria. This focus on capacity building underscores the shared understanding that a robust actuarial profession is essential for the sustainable growth and development of the Nigerian insurance industry. The joint efforts of the NAS and NIA, as demonstrated by this meeting and the collaboration on the Actuarial bill, signal a positive step towards strengthening the actuarial profession and ensuring its effective contribution to the Nigerian insurance sector’s future.
