Key players in Nigeria's insurance industry have issued a strong appeal for the development of stronger actuarial skills. They believe this is the essential foundation needed to improve risk management, ensure financial stability, and significantly increase the number of Nigerians covered by insurance.
Lagos Workshop Focuses on Critical Skills Gap
The urgent call was made during a specialised actuarial capacity-building workshop held in Lagos. The event was organised by the Nigerian Insurers Association (NIA) in collaboration with the United Nations Development Programme (UNDP) and the international actuarial consulting firm, Milliman.
The workshop, which took place on 29 December 2025, gathered a focused group of professionals. Attendees included human resources practitioners, senior managers responsible for hiring actuaries, and top executives from companies that are members of the NIA.
Industry Leaders Emphasize Strategic Investment
Representing the NIA Chairman, Mr. Kunle Ahmed, the association's Director-General, Mrs. Bola Odukale, addressed the participants. She praised the UNDP and Milliman for continuing the initiative, which was launched the previous year.
Odukale firmly restated the NIA's dedication to building local talent. She described actuarial expertise as absolutely critical for achieving long-term growth and stability within the insurance sector. While acknowledging that training actuaries requires significant resources, she directly urged insurance companies to make deliberate investments. She advocated for structured training programmes and dedicated funding to develop this talent pool internally.
"We encourage all participants to engage fully," Odukale said, noting that the workshop's goal was to establish a strong and continuous pipeline of actuarial professionals to support the industry's future.
Aligning with National Development Goals
Mr. Ikenna Orji, a Programme Specialist with UNDP, connected the initiative to the organisation's wider efforts in Nigeria. He pointed out that the country's low level of insurance penetration represents a distinct developmental challenge.
"This programme is specifically designed to strengthen actuarial expertise and, by extension, support the growth of the entire industry," Orji explained, highlighting the strategic importance of the workshop.
Facilitator Mr. Adrian Allott from Milliman shared the firm's global mission of building actuarial capacity. He detailed that their work in Nigeria concentrates on key areas: enhancing insurers' ability to assess risk, improving prudential management practices, and deepening the understanding of balance sheet dynamics.
The consensus from the Lagos event is clear: for Nigeria's insurance sector to expand its reach and solidify its financial foundations, a major and sustained investment in cultivating local actuarial talent is non-negotiable.
