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

The Chief Executive Officer of World Energy Council Nigeria, Bala Wunti, has urged the Federal Government to ensure that the country’s 44 critical minerals are developed into factories, jobs and sustainable economic opportunities for Nigerians.

Wunti warned that Nigeria must not repeat the crude oil model of exporting raw materials and importing finished products at significantly higher prices.

He spoke at the 2026 Concordia Annual Summit, held at the Sheraton New York Times Square alongside the United Nations General Assembly.

Wunti participated in a panel titled, “Rare Currency: Critical Minerals in a Shifting Global Economy,” which examined America’s growing dependence on imported minerals and China’s dominance of global mineral processing.

The former Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited said Nigeria must move beyond exporting mineral tonnage and develop domestic processing and manufacturing capacity.

“For half a century, Nigeria exported crude oil and imported refined petroleum products. That created poverty, not prosperity. We will not repeat that mistake with lithium and rare earth elements,” he said.

Explaining why Nigeria had not fully developed its mineral resources despite its vast potential, Wunti identified the absence of reliable geological data and commercially structured projects as major obstacles.

“The central issue is the difference between mineral potential and an investable project,” he said.

“We had geological indications, but not proven reserves supported by JORC compliant data. We also had good policies, but not clearly defined projects. Investors invest in projects, not potential.”

According to him, 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.

“The company is moving Nigeria from saying, ‘We have minerals,’ to presenting investors with defined projects and clear commercial propositions,” he said.

“Rare earth elements are not necessarily rare in the ground. They are rare in the market. Bringing them to the market requires capital and technology.”

Wunti said Nigeria must present commercially viable transactions to investors rather than rely on policy documents and promotional presentations.

“We must move from potential to bankability. Investors need actual transactions, not presentations. Give me a credible price, and I will give you private capital,” he added.

He said private capital would be required to finance most critical mineral projects, while the government must create an environment that reduces investment risks.

“Government must address geological uncertainty, unpredictable regulation, inadequate infrastructure and inefficient permitting,” he said.

“However, government can only make a project bankable. It cannot 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.

“The lesson is price, not pitch,” he said. “A price floor of $110 per kilogram gives investors commercial certainty. That is how Nigeria can attract processing facilities, create jobs and retain greater value from its mineral resources.”

The 2026 Concordia Annual Summit is a leading nonpartisan global forum held alongside the United Nations General Assembly, bringing together influential leaders from government, business and civil society to address pressing international challenges. Past speakers include former US Presidents Joe Biden, George W. Bush and Bill Clinton, former British Prime Minister Tony Blair, UN Secretary General António Guterres and business leader Warren Buffett.