School Guide

Best Universities to Study Actuarial Science Programs in Nigeria

The study of actuarial science is the systematic observation of natural phenomena using mathematical and statistical techniques tassess the likelihood that certain events will occur and to help create policies that would reduce this risk and its financial impact on businesses and clients.

Best Universities to Study Actuarial Science in Nigeria

Best Universities to Study Actuarial Science Programs in Nigeria - Image Source from

Below are the best universities to study actuarial science in Nigeria 

Covenant University

Covenant University in Ota, Ogun State offers one of the top actuarial science programs in Nigeria. If you want to become an actuary, Covenant should be at the top of your list.

Covenant’s actuarial science curriculum provides a solid foundation in mathematics, statistics, economics, and business. Required courses include Actuarial Mathematics I and II, Probability and Mathematical Statistics I and II, Financial Economics, and Actuarial Modeling. Students also complete an internship to gain valuable on-the-job experience.

Covenant’s actuarial science program is accredited by the Actuarial Society of Nigeria and the university is ranked #1 for actuarial science in Nigeria by the National Universities Commission. Covenant graduates are highly sought after and many go on to become Fellows of the Actuarial Society of Nigeria.

The Department of Mathematics has state-of-the-art classrooms and computer labs with the latest software for actuarial modeling and analysis. The university library provides many resources to support your studies.

Covenant’s program prepares students to pass early actuarial exams. The university covers the cost of study materials and exam fees for students to take Exams P, FM, MLC, and MFE. Students have the opportunity to become Associates of the Actuarial Society of Nigeria before they graduate.

With its highly ranked program, modern facilities, and support for actuarial exams, Covenant University provides an excellent education for aspiring actuaries in Nigeria. If you work hard, you’ll gain the knowledge and experience to have a successful career as an actuary.

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University of Ibadan

The University of Ibadan in Oyo State is Nigeria’s premier university and a top choice for studying actuarial science. Established in 1948, UI has over 30,000 students and a highly respected College of Medicine. Its Department of Actuarial Science is one of the best in West Africa.

UI offers a four-year BSc in Actuarial Science that provides a solid foundation in mathematics, statistics, economics, and business. Core courses include Mathematics for Actuaries, Probability and Mathematical Statistics, Actuarial Statistics, and Actuarial Mathematics. Students can specialize in areas like finance, insurance, pensions, investments, and risk management.

Practical experience is emphasized through internships, field trips, and an Actuarial Students Association that hosts networking and career events. UI’s program is accredited by the Actuarial Society of Nigeria (ASN), so graduates are well prepared to become Associate or Fellow members of the ASN.

For those interested in research or teaching actuarial science, UI offers MSc and PhD degrees. The MSc typically takes 18-24 months and requires a dissertation and coursework in advanced actuarial theory and applications. The PhD is usually 3-5 years, including a thesis that makes an original contribution to the field.

Admission to UI is competitive, especially for the actuarial science program. Applicants typically need credits in mathematics, English, physics, chemistry, biology, and economics, with strong scores. Tuition fees for actuarial science are around 500,000 Naira per year at the undergraduate level and 650,000 Naira for postgraduate degrees.

With its long history of excellence, esteemed faculty, and rigorous curriculum, the University of Ibadan deserves its reputation as the top school for actuarial science education in Nigeria. If you’re serious about becoming an actuary, UI should be at the top of your list.

Obafemi Awolowo University

Obafemi Awolowo University offers one of the top actuarial science programs in Nigeria. Located in Ile-Ife, Osun State, OAU has a long history of excellence in science, technology, engineering, and mathematics. Their actuarial science curriculum provides a rigorous education in probability, statistics, finance, and risk management.

OAU’s actuarial science faculty are leaders in the field. Many hold PhDs from top universities and are Fellows of the Institute and Faculty of Actuaries (UK), as well as the Chartered Institute of Insurance of Nigeria. They frequently publish research papers and books used throughout Nigeria. These accomplished professors share their expertise and experience with students through interactive lectures and seminars.

The actuarial science program at OAU covers all the major areas needed to become an actuary, including:

  • Probability and Statistics: Courses in probability, mathematical statistics, regression analysis, time series, etc.
  • Finance and Economics: Macroeconomics, microeconomics, corporate finance, financial mathematics, etc.
  • Actuarial Mathematics: Life contingencies, loss reserving, risk theory, ruin theory, pension mathematics, etc.
  • Information Technology: Students learn various statistical software like R, SPSS, Excel, Access, etc.
  • Professional Skills: Courses in communication, teamwork, and business skills to prepare students for work as an actuary.

In addition to the strong technical skills, OAU also emphasizes important soft skills like critical thinking, problem-solving, and communication which are highly valued in the actuarial field.

Graduates of the program have gone on to become leaders in the actuarial profession and work at top insurance companies, consulting firms, and government agencies in Nigeria and worldwide. If you’re looking for a comprehensive education in actuarial science, OAU deserves your consideration.

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University of Port Harcourt

The University of Port Harcourt in Nigeria offers one of the top actuarial science programs in the country. Established in 1975, UNIPORT aims to equip students with the knowledge and skills to become leaders in the actuarial field.

The actuarial science curriculum at UNIPORT covers all the essential topics to prepare you for a career as an actuary, including:

  • Probability and Statistics
  • Actuarial Mathematics
  • Finance and Financial Reporting
  • Economics
  • Accounting
  • Investment and Asset Management

Coursework also provides a solid foundation in business, finance, and computer skills. Students can specialize in areas like life and health insurance, property and casualty insurance, risk management, and data analysis.

UNIPORT has a dedicated faculty of actuaries and statisticians with both academic and industry experience. The department of Mathematics and Statistics, which houses the actuarial science program, has state-of-the-art computer labs, math and stats software, and a wealth of resources for actuarial students.

The school helps students find internships and job opportunities in the actuarial field. Many graduates go on to become actuaries, data analysts or statisticians at major insurance companies, banks, and financial institutions in Nigeria and worldwide. The program also prepares students to pass professional actuarial exams to become Associates or Fellows of the Institute and Faculty of Actuaries (IFoA) in the UK.

UNIPORT’s actuarial science program provides a world-class education along with valuable hands-on experience. If you’re looking to become an actuary, this respected university is training the next generation of leaders in the field.

University of Nigeria

The University of Nigeria, located in Nsukka, is home to cutting-edge research in biomedical sciences. Their College of Medicine has produced renowned scientists and has state-of-the-art facilities for innovative research.

Scientists at the UNN are conducting advanced research on malaria, one of the deadliest diseases in Nigeria. They are developing new treatments and working to better understand how the malaria parasite functions. Researchers are also studying other diseases prevalent in Nigeria like sickle cell anemia, tuberculosis, and HIV/AIDS. By gaining insights into the biology and spread of these diseases, they can develop improved treatments, diagnoses, and prevention methods.

The University of Nigeria has world-class research facilities, including a medical simulation center and biosafety level 3 laboratories. They have access to advanced technologies like DNA sequencing, bioimaging, and flow cytometry. These tools allow their scientists to study diseases at a molecular level and conduct cutting-edge biomedical research.

The UNN works with partner institutions around the world. They collaborate with universities in the US, UK, China, and others on research projects, student and faculty exchanges, and sharing knowledge. These partnerships help to strengthen their programs, gain new perspectives, and advance important research.

With its focus on diseases affecting Nigerians, advanced facilities, and global partnerships, the University of Nigeria is pioneering biomedical research and innovation. Their work is helping to improve health outcomes and save lives across Nigeria and beyond.

READ ALSO: Best Universities to Study Scientific Research programs in Nigeria


Many prospective students considering communication  programs in Nigeria likely have questions about the field of study and process. Below are some of the most frequently asked questions and their answers:

What are the employment prospects in Nigeria for graduates in actuarial science?

In Nigeria, opportunities exist in insurance companies, financial  institutions, consulting businesses, and governmental organisations for graduates in actuarial science. They can perform variety of functions, including risk analysts, underwriters, investment analysts, and consultants.

Do actuaries have access to professional qualifications in Nigeria?

Yes they do

How much do actuaries get paid in Nigeria?

In 2023, the average; salary for Actuaries will be between #34,608 and #179,414 per month. 

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