FRC Promotes Actuarial Science Awareness in Lagos Secondary School

The Financial Reporting Council of Nigeria has stepped up efforts to encourage Nigerian students to explore careers in Actuarial Science through an awareness campaign targeted at secondary schools.

As part of the Nigerian Actuarial Development Programme (NADP), officials of the council visited Babs Fafunwa Millennium Secondary School in Ojudu, Lagos, where students were educated on the growing opportunities available in the actuarial profession and the importance of Mathematics in building successful careers in finance and risk management.

Speaking during the outreach programme, Mr. Harris Oshojah, Assistant Director and Head of the Directorate of Actuarial Standards at the FRC, revealed that Nigeria currently has fewer than 30 certified actuaries despite having a population of over 200 million people. He described the number as insufficient for the country’s growing financial and economic needs.

According to Oshojah, one of the major challenges facing the profession is lack of awareness among students. He explained that many young Nigerians are unfamiliar with Actuarial Science and the career opportunities connected to it.

He noted that actuaries play major roles in areas such as insurance, pensions, financial planning, economic forecasting, and risk management. He also emphasized that the profession offers strong international career prospects for qualified experts.

To encourage more students to pursue the field, Oshojah disclosed that the FRC is working closely with the Nigerian Actuarial Society to support students writing professional actuarial examinations. According to him, students who successfully pass any level of the examinations can receive reimbursement support as part of efforts to increase the number of qualified actuaries in the country.

Also speaking at the event, Professor Ismaila Adeleke of the University of Lagos encouraged students to consider careers in Actuarial Science because of its increasing importance in modern economies.

He explained that actuaries combine knowledge of Mathematics, Economics, and Finance to help governments and businesses make informed decisions and manage risks effectively. According to him, professionals in the field contribute to healthcare costing, pension administration, business forecasting, and economic development.

Professor Adeleke further advised students to take Mathematics seriously, stressing that strong analytical and problem-solving skills are essential for success in the profession.

The Principal of Babs Fafunwa Millennium Secondary School, Mr. Olutoto Olufemi Alani, stated that the programme was organised for outstanding Mathematics students in Senior Secondary School one and two. He urged the students to make good use of the opportunity and remain committed to academic excellence.

The advocacy campaign reflects growing efforts by educational and financial institutions to expose Nigerian students to emerging professional opportunities that can contribute to national development and strengthen the country’s workforce.