The Chief Executive Officer of the World Energy Council Nigeria, Bala Wunti, has called on the Federal Government to develop Nigeria’s 44 critical minerals into processing industries, factories, jobs and sustainable economic opportunities rather than allowing the country to remain an exporter of raw materials.
Wunti warned that Nigeria should not repeat the experience of the crude oil sector, where the country historically exported crude oil while importing refined petroleum products.
He made the remarks at the 2026 Concordia Annual Summit, held at the Sheraton New York Times Square alongside the United Nations General Assembly.
Wunti spoke during a panel session titled “Rare Currency: Critical Minerals in a Shifting Global Economy,” which examined the growing global demand for critical minerals, America’s dependence on mineral imports and China’s major role in mineral processing.
Wunti Warns Against Repeating Nigeria’s Oil Experience
The former Chief Upstream Investment Officer of the Nigerian National Petroleum Company Limited said Nigeria must move beyond simply exporting mineral resources and instead build domestic capacity to process and manufacture products from them.
“For half a century, Nigeria exported crude oil and imported refined petroleum products. That created poverty, not prosperity. We will not repeat that mistake with lithium and rare earth elements,” he said.
According to Wunti, the country needs to ensure that its mineral resources generate greater economic value within Nigeria through processing, manufacturing and other stages of the value chain.
Geological Data Remains A Major Challenge
Wunti identified the lack of reliable geological data and commercially structured mining projects as some of the major challenges limiting investment in Nigeria’s solid minerals sector.
He explained that having evidence of mineral deposits is different from having a commercially viable project that investors can confidently finance.
“The central issue is the difference between mineral potential and an investable project,” he said.
“We had geological indications, but not proven reserves supported by JORC compliant data. We also had good policies, but not clearly defined projects. Investors invest in projects, not potential.”
He said Nigeria would need reliable geological information, clearly defined projects, appropriate infrastructure, predictable regulations, credible project developers and established routes to market to attract private investment.
Government Must Make Projects Bankable
Wunti described the Nigerian Solid Minerals Company as a flagship investment platform intended to help transform the country's mineral resources into commercially structured projects.
“The company is moving Nigeria from saying, ‘We have minerals,’ to presenting investors with defined projects and clear commercial propositions,” he said.
He also noted that the commercial value of critical minerals depends not only on their presence in the ground but on the ability to process and bring them into the market.
“Rare earth elements are not necessarily rare in the ground. They are rare in the market. Bringing them to the market requires capital and technology,” Wunti said.
According to him, Nigeria needs to present investors with commercially viable transactions rather than relying mainly on policy documents and promotional presentations.
“We must move from potential to bankability. Investors need actual transactions, not presentations. Give me a credible price, and I will give you private capital,” he added.
Private Capital Needed For Mineral Development
Wunti said private investment would be essential for financing many critical mineral projects, while government should focus on creating an environment that reduces investment risks.
He identified geological uncertainty, regulatory unpredictability, inadequate infrastructure and inefficient permitting processes as some of the issues government needs to address.
“Government must address geological uncertainty, unpredictable regulation, inadequate infrastructure and inefficient permitting,” he said.
“However, government can only make a project bankable. It cannot permanently make an uneconomic project profitable.”
Four Conditions For Sustainable Investment
Wunti identified four key conditions he believes are necessary to attract sustainable investment into Nigeria's critical minerals sector.
They include:
JORC-compliant geological data
Commercially viable prices
A stable and competitive fiscal system
Credible buyers
He said commercially attractive pricing would be important in giving investors greater certainty when considering processing and manufacturing projects.
“The lesson is price, not pitch,” he said. “A price floor of $110 per kilogram gives investors commercial certainty. That is how Nigeria can attract processing facilities, create jobs and retain greater value from its mineral resources.”
Focus Shifts From Mineral Exports To Value Creation
The discussion highlights a broader challenge facing Nigeria's solid minerals sector: moving from identifying mineral deposits to developing commercially viable projects capable of supporting local processing and manufacturing.
For Nigeria, greater domestic processing could potentially create opportunities across mining, transportation, engineering, manufacturing and other parts of the mineral value chain.
Wunti's comments therefore place emphasis on turning Nigeria's reported mineral potential into bankable projects capable of attracting investment and generating economic activity within the country.
The 2026 Concordia Annual Summit is a global forum held alongside the United Nations General Assembly, bringing together leaders from government, business and civil society to discuss international economic and geopolitical issues.
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