FRC takes actuarial science advocacy to Lagos secondary school

By Babajide Komolafe

The Financial Reporting Council of Nigeria, FRC, has intensified efforts to promote the study of Actuarial Science among young Nigerians by taking its advocacy campaign to secondary schools.

As part of the Nigerian Actuarial Development Programme, NADP, advocacy outreach, officials of the Council visited Babs Fafunwa Millennium Secondary School, Ojudu, Lagos, where students were sensitised on the career opportunities in Actuarial Science and the importance of mathematics in building future professionals for the financial sector.

Speaking during the outreach, Assistant Director and Head, Directorate of Actuarial Standards at FRC, Mr. Harris Oshojah, disclosed that Nigeria currently has fewer than 30 certified actuaries, a development he described as inadequate for a country of over 200 million people.

According to him, lack of awareness remains one of the major reasons many students do not consider Actuarial Science as a career option.

“We are here because certified actuaries are lacking in Nigeria. Many students are not aware of the course and the huge opportunities available in the profession,” he said.

Oshojah explained that actuaries play critical roles in risk management, insurance, pensions, finance and economic planning, adding that the profession offers global career opportunities.

He further disclosed that the FRC, in collaboration with the Nigerian Actuarial Society, has introduced incentives to encourage students pursuing professional actuarial examinations.

“We have an agreement with the Nigerian Actuarial Society to reimburse students who pass any level of the professional examinations. This is part of our contribution to developing more actuaries in Nigeria,” he added.

Also speaking, Head of the Department of Actuarial Science and Insurance, University of Lagos, Professor Ismaila Adeleke, urged the students to consider the profession because of its growing relevance in the economy.

According to him, actuaries are highly skilled professionals who apply mathematics, economics and financial knowledge to manage risks and support decision-making in business and government.

“Actuaries help in healthcare costing, pension scheme design and business forecasting. They are among the backbone professionals of any economy,” he said.

Adeleke advised the students to take Mathematics seriously, noting that strong analytical skills are fundamental to success in the profession.

In his remarks, the Principal of Babs Fafunwa Millennium Secondary School, Mr. Olutoto Olufemi Alani, said only outstanding Mathematics students from Senior Secondary School one and two were selected for the programme.

He urged the students to take advantage of the exposure and strive for excellence in their academic pursuits.

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