Nigeria Set To Adopt Global Actuarial Rules

The Executive Secretary of the Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has said that the country would be integrating international standards on actuarial practice into its regulatory landscape.

Olowo made this disclosure on Wednesday at the 2025 Annual Industry Conference organised by the Nigerian Actuarial Society, themed ‘Creating value and building resilience in an evolving industry.

Established in December 1986, the Nigerian Actuarial Society is the premier Nigerian actuarial professional body comprised of actuaries and students practising in the country.

Speaking at the event, Olowo said, “We have just concluded the exposure of the Draft Nigerian Actuarial Practice Regulations 2025, which proposes the adoption of International Standards of Actuarial Practice to be fully integrated into Nigeria’s regulatory framework.”

He added that the Council, in collaboration with the Federal Ministry of Education and the Federal Ministry of Industry, Trade and Investment, will be spearheading the design of a bold national policy framework to provide federal funding for actuarial education at tertiary and postgraduate levels, introduce actuarial science as a subject at the senior secondary level, and integrate actuarial concepts within primary school social science curricula to spark early interest.

“This is no small task. It will require comprehensive curriculum redesign, as well as recruitment and training of qualified educators. But if Nigeria is to be globally competitive, this is the path we must take,” he noted.