08 January 2024
The University of Lagos (UNILAG) has achieved IFoA accreditation for its Postgraduate Master of Science in Actuarial Science. This will provide successful students with six exemptions from the IFoA qualification. UNILAG offers one of the oldest and most respected actuarial programmes in Nigeria, developed in partnership with the Nigerian Actuarial Society (NAS). All three organisations have worked closely together to provide this pathway to IFoA qualification.
UNILAG is the first university to go through and obtain the accreditation process in West Africa, as well as the second university currently accredited in Africa. This accreditation will support the growth and development of the actuarial profession across Nigeria. The country has a fast-growing finance and insurance market and the high demand for qualified actuaries already outstrips supply.
Clifford Friend, IFoA Director of Engagement and Learning, said: “We are delighted that UNILAG, in partnership with NAS, has achieved this IFoA accreditation. We want to acknowledge the hard work of the university and its lecturers, and the current cohort of qualified actuaries in Nigeria and thank them for working with us on this process. At this time, UNILAG is only the second university in Africa with IFoA accreditation but we hope there will be more partnerships with other universities across the continent in the future.”
Professor Abraham Osinubi, Dean School of Postgraduate Studies at the University of Lagos, said: “I am pleased that the University of Lagos has secured the IFoA accreditation for the Master of Science Programme in Actuarial Science. This is coming particularly after a series of engagements with all stakeholders aimed at reinforcing UNILAG as a centre of excellence in actuarial education. This accreditation is in tandem with our agenda of producing a Future Ready and Fit-for-Purpose Workforce.”
Yeside Kazeem, Immediate Past President at the Nigerian Actuarial Society, said: “At NAS we are pleased to work with UNILAG and IFoA to achieve this landmark accreditation. NAS has committed to support this endeavour by providing adjunct lecturers to UNILAG. It is our belief that this accreditation will greatly improve the availability of actuaries in Nigeria whilst simultaneously reducing the cost of qualification. Our ambition at NAS is to use actuarial skills to aid the growth of the financial sector in Nigeria.”