Professional Standards for Actuarial Practice in Nigerian Public and Private Sector Organisations

This study evaluates the professional standards governing actuarial practice in Nigerian public and private sector organizations, identifying gaps relative to international actuarial standards and recommending improvements. The actuarial profession in Nigeria operates under the framework of the Institute and Faculty of Actuaries Nigeria, but the adoption of formal practice standards, peer review requirements, and disciplinary mechanisms lags behind comparable jurisdictions in South Africa, the United Kingdom, and Canada. This study uses a practitioner survey administered to 90 qualified and student actuaries across insurance, consulting, pensions, and public sector roles, combined with a comparative analysis of actuarial practice standards from five international actuarial associations. Standards assessed include technical actuarial standards, documentation requirements, conflicts of interest management, and continuing professional development obligations. Findings reveal significant variation in standards compliance across practice areas, with insurance actuaries demonstrating higher compliance than public sector practitioners. Formal peer review of actuarial work products is rare in Nigeria, with only 22 percent of respondents reporting regular peer review of their reports. Awareness of international actuarial standards of practice is lower among practitioners with less than five years of experience. The study concludes that strengthening professional standards and peer review requirements is essential for improving actuarial quality and public confidence in Nigeria. It recommends that IFAN introduce mandatory technical actuarial standards aligned with the International Actuarial Association's Model Standards and establish a formal peer review program for public interest actuarial work.

Keywords: actuarial standards, professional practice, IFAN, peer review, Nigeria.