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Nigeria has a population of over 200 million and with a median age of just 17.9 years, the country’s population is expected to rapidly increase in the coming years. This young demographic is fuelling growth in Nigeria and alongside its rich natural resources – including oil, natural gas and minerals – this is a nation with huge potential.
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CFA Society Nigeria was approved in 2012 as a member Society of CFA Institute. The Society grew from about 100 members in 2014 to 327 in 2019 through a deliberate strategy of consistently delivering member value and raising the visibility of the CFA designation in the local market. CFA Society Nigeria actively organizes programs aimed at supporting the continuous professional development of its members and the board has been very hands-on in connecting the Society with the investment industry. By positioning itself as an industry thought-leader, the Society has successfully increased the interest in various CFA Institute credentialing programs. Candidate enrolment and society membership continue to witness a rapid increase making CFA Society Nigeria one of the fastest growing CFA Institute member societies worldwide.
The country’s rapid increase in candidate enrolment has, in part, been down to the opening of test centers in Lagos and Abuja in 2018. With two test centers now available in the country, the cost of sitting for the CFA exams has considerably reduced. In the past, the nearest test center for Nigerian candidates was Accra, Ghana. On average, candidates incurred about $1,500 in travel costs to sit for the CFA exams. This, along with the exam fees, made the overall cost of sitting for the exams very prohibitive and presented a difficult barrier for many potential candidates. In addition, the challenges associated with travelling, such as flight delays and lost baggage, took an emotional toll on the candidates. The opening of the test centers in Lagos and Abuja has, therefore, been a game changer in the candidate growth witnessed in Nigeria.
"Candidate enrolment and society membership continue to witness a rapid increase making CFA Society Nigeria one of the fastest growing CFA Institute member societies worldwide."
The rapid growth in membership presents its challenges. Foremost, is the need to keep our members engaged. With the demography of members changing to include younger people and a rising number of females, the board has had to think strategically about how to ensure that our programs are relevant for our members. For the rapidly growing number of women in our society, we have provided career development opportunities for them through our Women in Investment Management initiatives. We recently launched a mentoring program for our female members and we also provide scholarships through our endowment to young women sitting for the CFA exams.
We expect our membership to continue to grow given the various reforms in the country which will create immense opportunities for investment professionals. The industry will continue to look for the unique skills that CFA charterholders possess and as such we envisage a future where many investment professionals will continue to actively seek to earn the CFA designation. As a Society, we have to be ready to cope with the growth and use the strength in our numbers to advocate for a better investment industry that works for the ultimate benefit of society.
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