The Chief Executive Officer of the World Energy Council Nigeria, Bala Wunti, has called on the Federal Government to prioritise local processing of Nigeria’s 44 critical minerals, warning against the continued export of raw resources without value addition.
Wunti made the call at the 2026 Concordia Annual Summit in New York, held alongside the 81st Session of the United Nations General Assembly.
Speaking during a panel session titled “Rare Currency: Critical Minerals in a Shifting Global Economy,” Wunti argued that Nigeria must avoid repeating the mistakes made in the oil sector, where crude oil was exported while refined products were imported at higher costs.
According to him, Africa must move beyond being merely a supplier of raw materials and become a competitive processing and manufacturing hub within global supply chains.
He emphasized that the real economic value of critical minerals lies not in their extraction but in processing, manufacturing and industrialisation that create jobs and wealth locally.
Wunti warned that permanently exporting raw minerals amounts to economic dependence, describing it as a model that limits industrial development on the continent.
The energy expert also linked mineral security to global energy security, noting that strategic minerals such as lithium, cobalt and graphite are becoming increasingly important in the transition to clean energy technologies and advanced manufacturing.
He urged policymakers to create an enabling environment for investment by strengthening geological data systems, improving infrastructure, ensuring regulatory certainty and supporting viable mining projects.
Wunti welcomed efforts aimed at creating stable pricing mechanisms for critical minerals, saying they could help attract investment and accelerate the development of Nigeria’s mining sector.
