The Chief Executive Officer of the World Energy Council Nigeria, Bala Wunti, has called on the Federal Government to adopt an economic policy shift that prioritizes the local processing of critical minerals. This move aims to prevent Nigeria from repeating its historical crude oil mistakes in the solid minerals sector. Wunti made the call while speaking as a panelist at the 2026 Concordia Annual Summit in New York.
Wunti cautioned that exporting unprocessed critical minerals while importing expensive finished industrial products would deepen domestic poverty rather than generate national prosperity. Nigeria has an estimated 44 critical mineral types, including lithium, rare earth elements, nickel, and cobalt. These minerals must be processed locally into manufacturing value chains to create wealth and jobs.
The former chief upstream investment officer at the Nigerian National Petroleum Company Limited stressed that Nigeria's mining sector has underperformed despite its vast geological potential. Wunti identified the lack of standardized, bankable geological data as the chief barrier preventing institutional capital inflows. This gap between mineral potential and an investable project has hindered the deployment of capital by global investors.
Wunti noted that converting raw deposits into commercial assets required reliable geological surveys, stable regulatory frameworks, host community security, power infrastructure, and clear routes to international markets. He cited the newly established Nigerian Solid Minerals Company as a pivotal state-backed investment vehicle designed to bridge this gap by converting raw geological data into de-risked, commercially viable equity propositions for private investors.
The Nigerian Solid Minerals Company aims to address the lack of bankable projects backed by JORC-compliant data, which has hindered international financiers from investing in the country's mining sector. Wunti emphasized that Nigeria must not repeat the failure of exporting crude oil in its raw form and importing refined petroleum products at astronomical costs.
Wunti made the remarks while participating in a high-level panel titled ‘Rare Currency: Critical Minerals in a Shifting Global Economy’ at the 2026 Concordia Annual Summit. The panel discussed global supply chain dependencies and how developing nations can leverage their raw deposits for domestic industrialization. The summit was held on the sidelines of the 81st Session of the United Nations General Assembly in New York.
The World Energy Council Nigeria's CEO emphasized that Nigeria's economic growth and prosperity depend on its ability to process critical minerals locally. By doing so, the country can create jobs, factories, and wealth, rather than perpetuating poverty and economic vulnerability.
Key points
- Nigeria has an estimated 44 critical mineral types, including lithium, rare earth elements, nickel, and cobalt.
- The lack of standardized, bankable geological data has hindered institutional capital inflows into Nigeria's mining sector.
- The Nigerian Solid Minerals Company has been established to bridge the gap between raw geological data and commercially viable equity propositions for private investors.
