Wunti urges FG to process Nigeria's 44 minerals locally, prevent oil-model poverty
Earlier today at the 2026 Concordia Annual Summit in New York alongside the UN General Assembly, Bala Wunti of World Energy Council Nigeria urged the Federal Government to develop Nigeria’s 44 critical minerals into domestic factories and jobs instead of exporting raw materials. He warned against repeating the crude oil model where Nigeria exports oil and imports refined products at higher costs—creating poverty, not prosperity—stressing that investors fund bankable projects, not mere potential.
Wunti identified missing JORC-compliant geological data, undefined projects, inadequate infrastructure, and unpredictable regulation as key obstacles to developing lithium, rare earths, and other minerals. He highlighted the Nigerian Solid Minerals Company as the platform to transform resources into commercially viable ventures with clear propositions, stating: "Give me a credible price, and I will give you private capital," and proposed a $110 per kilogram price floor for rare earth elements to ensure investor certainty.
Without shifting from promotional presentations to defined transactions, Nigeria risks exporting raw minerals and importing finished goods at significant cost—just as with petroleum—while global demand grows and China dominates processing. The summit, attended by former US Presidents and UN leaders, examined critical minerals in a shifting economy where value addition determines prosperity.
Will Nigerians demand policymakers deliver verified reserves, fair prices, and bankable mineral projects that create local factories and jobs, or continue watching economic value leave the country through raw exports?