Nigeria’s 44 minerals must create jobs, not export poverty, Says Wunti

New York, September 21, 2026 - Africa must avoid repeating the same economic mistake with lithium, cobalt and rare earth elements as it did with crude oil, warns Bala Wunti, CEO of World Energy Council Nigeria. Wunti urged the continent to move beyond exporting raw minerals and position itself as a competitive processing and manufacturing partner in the global critical minerals economy.

Speaking at the Concordia Annual Summit in New York, Wunti emphasized the urgency of closing the supply gap, as the global economy shifts from energy priced in barrels to one priced in kilograms of strategic minerals. He cautioned against permanently exporting raw minerals, drawing parallels to Nigeria's past reliance on exporting crude oil and importing refined petroleum products, which led to poverty rather than prosperity.

Wunti outlined six key requirements for attracting capital into the sector, including reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers, and viable routes to market. He highlighted the Nigerian Solid Minerals Company as the country's flagship investment platform, aimed at transforming mineral resources into commercially viable projects.

Wunti also praised recent U.S. measures, such as Executive Order 14241 and the $110 per kilogram price floor for neodymium and praseodymium products, as examples of government intervention that can provide investors with greater commercial certainty.