FRC Launches Campaign to Address Actuarial Shortage

The Financial Reporting Council of Nigeria (FRC) initiated a grassroots sensitization campaign aimed at secondary school students to bridge the critical shortage of certified actuaries in the country. The program commenced with a high-impact award event at CMS Grammar School in Bariga, Lagos, officiated by Harri Oshoja, the head director of actuarial standards at the FRC.

Oshoja revealed alarming statistics regarding the current state of the actuarial profession in Nigeria, noting that the regulatory body discovered a significant gap during routine oversight processes. He stated that Nigeria will not be able to meet the demand for actuarial services, with fewer than 30 actuaries available for a population of 200 million.

To encourage students to pursue actuarial science, the FRC announced financial support, including refunds for examination fees upon passing. Ismaila Adeleke, head of the actuarial department at the University of Lagos, described the field as highly rewarding, while Olasunkanmi Ayind urged students to remain determined despite the heavy mathematical demands.