The Chief Executive Officer of World Energy Council Nigeria, Bala Wunti, has called on the Federal Government to develop the country’s 44 critical minerals into sustainable economic opportunities. He made this statement at the 2026 Concordia Annual Summit, held at the Sheraton New York Times Square alongside the United Nations General Assembly. Wunti emphasized the need for Nigeria to move beyond exporting raw materials and develop domestic processing and manufacturing capacity.
Wunti warned that Nigeria must not repeat the crude oil model of exporting raw materials and importing finished products at significantly higher prices. He noted that this approach created poverty, not prosperity, and that it should not be repeated with lithium and rare earth elements. According to him, Nigeria must present commercially viable transactions to investors rather than rely on policy documents and promotional presentations.
The former Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited identified the absence of reliable geological data and commercially structured projects as major obstacles to developing Nigeria’s mineral resources. He explained that investors invest in projects, not potential, and that attracting private capital into the mining sector requires reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers, and viable routes to market.
Wunti described the Nigerian Solid Minerals Company as the country’s flagship investment platform, established to transform mineral resources into bankable projects. He said the company is moving Nigeria from saying, ‘We have minerals,’ to presenting investors with defined projects and clear commercial propositions. This platform aims to bring Nigeria’s mineral resources to the market, requiring capital and technology.
According to Wunti, private capital would be required to finance most critical mineral projects, while the government must create an environment that reduces investment risks. He noted that the government must address geological uncertainty, unpredictable regulation, inadequate infrastructure, and inefficient permitting. However, he emphasized that the government can only make a project bankable, not permanently make an uneconomic project profitable.
Wunti identified four conditions necessary for attracting sustainable investment into the sector. These are JORC compliant geological data, commercially viable prices, a stable and competitive fiscal system, and credible buyers. He stressed that a price floor of $110 per kilogram gives investors commercial certainty, which is essential for attracting processing facilities, creating jobs, and retaining greater value from Nigeria’s mineral resources.
The development of Nigeria’s 44 critical minerals can create jobs, reduce poverty, and increase the country’s economic opportunities. Wunti’s call to action emphasizes the need for Nigeria to develop its mineral resources sustainably and avoid past mistakes. By creating an enabling environment and presenting commercially viable transactions, Nigeria can attract private capital and transform its mineral resources into a driver of economic growth.
Key points
- Nigeria has 44 critical minerals that can be developed into sustainable economic opportunities.
- The absence of reliable geological data and commercially structured projects are major obstacles to developing Nigeria’s mineral resources.
- A price floor of $110 per kilogram gives investors commercial certainty, essential for attracting processing facilities and creating jobs.
