To enhance the quality of graduates entering the labour market, the 1994 graduates of Actuarial Science and Insurance Department at the University of Lagos (UNILAG) have called for a stronger collaboration between academia and industry.
They emphasized that bridging the gap in knowledge, research, and funding is critical to supporting the university’s mission of producing a workforce capable of meeting the demands of both industries and the broader economy.
Samson Akinyemi, president of the UNILAG 1994 Actuarial Science and Insurance Department, shared these thoughts at the sideline of their 30th Anniversary Celebration in Lagos. Akinyemi, who is also the executive secretary/CEO of the Certified Pension Institute of Nigeria (CPIN), highlighted that while universities produce large numbers of graduates annually, there remains a significant disconnect between what is taught in the classroom and the evolving requirements of the job market.
“This is our first return to the university community in 30 years, and it is an honour to give back,” Akinyemi said. “During our visit, we observed that many students are struggling with the financial burden of their education, including tuition fees and other academic expenses.”
He further pointed out that there is a substantial knowledge gap in the industry, one that needs to be addressed through targeted training to develop a workforce capable of meeting the demands of today’s dynamic economic environment.
“We are working to foster closer collaboration with the university departments to generate industry-relevant developments,” Akinyemi continued. “The gap exists because institutions often do not train graduates with the specific skills and knowledge the industry requires. This collaboration is essential for both the academic community and the industries involved.”
Reflecting on past challenges, Akinyemi noted that many courses offered in the past lacked direct relevance to the current industry landscape. “Using outdated materials in teaching is no longer effective. We need to bring in fresh, industry-driven knowledge and work together to bridge the knowledge gap. Whether students are pursuing undergraduate, master’s, or executive programs, it is crucial that these programs reflect the real needs of the insurance and pension sectors.”
Akinyemi also highlighted the importance of aligning the curriculum with industry needs. “By fostering stronger connections between the industry and academic departments, we can pinpoint the key areas where demand exists. Students will gain clarity on the right questions to ask and understand the research areas that require focus. This synergy will enable lecturers and students to collaborate effectively, ensuring that research outcomes directly benefit the industry and generate meaningful impact.”
“A more robust partnership between academia and industry is essential for producing graduates who are not only knowledgeable but also equipped to drive change in the industries they enter, the expert said.
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