The National Pensions Regulatory Authority (NPRA) is urging the Social Security and National Insurance Trust (SSNIT) to implement stronger governance reforms and diversify its investment portfolio to shield the fund from future economic shocks.

The advice comes in the wake of the Domestic Debt Exchange Programme (DDEP), which significantly eroded returns on fixed-income investments and exposed the vulnerability of concentrated asset strategies.

Speaking at the launch of SSNIT’s 60th anniversary celebrations, NPRA Deputy CEO, Victor Azuma Mejida acknowledged the progress made by SSNIT in coverage expansion and administrative reforms.

However, he cautioned that past economic disruptions from the COVID-19 pandemic to the recent DDEP which showed weaknesses in the system.

“Going forward, it is important to reflect on these valuable lessons to remain agile in protecting income investment security for stakeholders in the face of economic shocks. More recently, the DDEP served as a stark reminder that the most trusted asset carry risks. The NPRA therefore encourages the board and management of SSNIT to deepen reforms that strengthen governance, diversify investment, embrace innovation and enhance operational efficiency.”

Mr. Mejida stressed the need for more resilient investment and operational strategies.

“Let us ensure that regardless of economic woes or fiscal storms, our pension systems will be able to honour our social contract with contributors and pensioners”, he added.