The Financial Reporting Council of Nigeria has launched an aggressive grassroots sensitisation campaign targeting secondary school students in a bid to bridge the critical shortage of certified actuarial professionals in the country.
The initiative kicked off with a high-impact awareness programme at C.M.S. Grammar School in Bariga, Lagos, where council officials and academic experts engaged students on the lucrative opportunities within actuarial science.
Speaking at the awareness event, the Head of the Directorate of Actuarial Standards at the FRC, Harris Oshojah, revealed alarming statistics regarding the current state of the profession in Nigeria, noting that the regulatory body discovered the gap during routine oversight operations.
“In the process of carrying out our routine operation, we find out that there is an acute shortage of actuaries in Nigeria that will not be able to meet the demand of what is required in the country,” Oshojah stated.
He further emphasised the massive imbalance between the country’s population and available risk professionals, which forces local businesses to heavily depend on expatriates.
“We have a population of over 200 million, and we have fewer than 30 actuaries to service this population. We are here to sensitise the students about the need for them to pursue actuarial science as a career that is in high demand compared to other professions that we have so many of,” Oshojah added.
To lower the entry barriers for interested youth, the FRC announced that the council is prepared to financially support students who choose this path by refunding their professional examination fees, which are typically billed in US dollars, upon passing their papers.
Underscoring the economic benefits of the career path, Head of the Insurance and Actuarial Department at the University of Lagos, Professor Ismaila Adeleke, described the discipline as a highly rewarding venture for analytically minded students.
“Actuarial science is a field of study that applies mathematical skills, statistical skills, finance skills, and economics to solve risk problems,” Adeleke explained. “They are very important in assessing risk of any activity that you want to carry out. You find them in the insurance industry, they calculate premium, you also find them in the pension industry.”
Addressing the students’ potential fears about the course’s heavy mathematical demands, the Head of Auditing Practices Standards at the Council, Olasunkanmi Ayinde, urged the teenagers to remain resolute, citing how early professional certifications unlock instant global opportunities.
“Your parents will spend less, and you will become a professional at a very young age. This is a golden opportunity for you. Don’t look at it as if it’s too difficult. Yes, it requires mathematics; it requires statistics; it requires hard work. But if you are determined, you can do it. You are the future of this country, and we need you to help us salvage this economy,” Ayinde advised.
During an interactive session, Godwin Henry from the Directorate of Inspection and Monitoring clarified the distinction between an actuary and a standard bank risk manager. He concluded by pointing out that while standard risk officers focus on immediate operational liabilities, actuaries utilise advanced financial modelling to ensure the long-term economic viability of multi-billion-naira establishments for up to 30 years.
