Wunti Warns Africa Against Repeating Its Oil Mistake
Bala Wunti used the 2026 Concordia Annual Summit in New York to warn that Africa’s new mineral wealth, lithium, cobalt and rare earth elements, could easily repeat the mistakes of
During the 2026 Concordia Annual Summit in New York, Bala Wunti cautioned Africa against repeating the mistakes it made with its crude oil industry. With his extensive experience in Nigeria's upstream oil sector, including roles as Chief Upstream Investment Officer of NUIMS and managing director of NAPIMS, Wunti has firsthand knowledge of the challenges that come with resource wealth.
His insights are particularly relevant today, as Africa stands on the brink of a new mineral boom, with lithium, cobalt, and rare earth elements becoming increasingly valuable.
Wunti warns that exporting minerals in their raw form while importing refined products, as many African countries have done with oil, can lead to poverty rather than prosperity. He argues that the next 50 years will be defined by the value of kilogrammes of these critical minerals, not barrels of oil. Global demand for battery minerals is soaring, and the ability to process and refine these materials is becoming the key to economic advantage.
Wunti advocates for Africa to transition from being a mere source of raw materials to a partner in processing these critical resources. He likens the permanent export of unrefined minerals to colonial economics, emphasizing that temporary concentrate exports may be necessary at times but should not become the norm. Nigeria serves as a prime example of this dilemma.
While the country has identified 44 critical minerals, many of these resources remain unproven and unbacked by internationally recognized data. Consequently, investors often fund projects based on potential rather than concrete reserves.
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