Bala Wunti, CEO of the World Energy Council Nigeria, has urged the federal government to prioritize domestic processing of the country’s 44 critical minerals to create jobs and avoid repeating the cycle of exporting raw materials and importing finished products at higher costs. Speaking at the 2026 Concordia Annual Summit in New York, Wunti emphasized that Nigeria must not replicate the economic model of crude oil, which has historically driven the nation into a cycle of poverty rather than prosperity. "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 stated during a panel discussion titled "Rare Currency: Critical Minerals in a Shifting Global Economy."
The summit, held alongside the United Nations General Assembly, brought together global leaders to address challenges in the critical minerals sector. Wunti highlighted America’s growing reliance on imported minerals and China’s dominance in global mineral processing, stressing that Nigeria’s untapped potential in its 44 critical minerals could be a strategic advantage if properly harnessed. "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," he said, underscoring the need for investment in processing infrastructure.
Wunti, a former Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited, identified key obstacles to Nigeria’s mineral development. He pointed to the absence of reliable geological data and commercially structured projects as major barriers. "The central issue is the difference between mineral potential and an investable project," he explained. "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."
To attract private capital, Wunti outlined the necessity of reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers, and viable routes to market. He emphasized that the Nigerian Solid Minerals Company, the nation’s flagship investment platform, must transition from merely stating mineral reserves to presenting investors with defined projects and commercial propositions. "The company is moving Nigeria from saying, 'We have minerals,' to presenting investors with defined projects and clear commercial propositions," he said.
The CEO argued that Nigeria must shift from focusing on mineral potential to creating bankable transactions. "Investors need actual transactions, not presentations. Give me a credible price, and I will give you private capital," he added. He stressed that while private capital would finance most critical mineral projects, the government must reduce investment risks by addressing geological uncertainty, unpredictable regulation, inadequate infrastructure, and inefficient permitting.
Wunti identified four conditions necessary for sustainable investment: JORC-compliant geological data, commercially viable prices, a stable 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, a nonpartisan global forum, has previously hosted leaders such as former U.S. Presidents Joe Biden, George W. Bush, and Bill Clinton, as well as UN Secretary-General António Guterres. Wunti’s remarks align with the summit’s focus on addressing global economic challenges through collaborative solutions. His call for Nigeria to prioritize domestic processing reflects broader concerns about the global race for critical minerals, which are essential for renewable energy technologies, electric vehicles, and advanced manufacturing.
Nigeria’s mineral wealth includes 44 critical minerals, yet the country has struggled to translate this potential into economic gains. Wunti attributed this to a lack of structured projects and reliable data, which deter investors. "We had good policies, but not clearly defined projects," he reiterated, noting that investors require concrete opportunities rather than abstract promises. He called for the government to create an environment that reduces risks while ensuring transparency and accountability in mineral development.
The Nigerian Solid Minerals Company, established to transform mineral resources into bankable projects, has been a focal point of Wunti’s advocacy. He described the entity as a bridge between Nigeria’s mineral potential and the private sector’s appetite for investment. "The company is moving Nigeria from saying, 'We have minerals,' to presenting investors with defined projects and clear commercial propositions," he said, emphasizing the need for actionable strategies over theoretical discussions.
Wunti’s warnings come amid growing global demand for critical minerals, driven by the transition to green energy and digital technologies. Nigeria’s strategic location and mineral diversity position it to play a significant role in this market, but only if it addresses systemic challenges. "The lesson is price, not pitch," he repeated, highlighting that a $110/kg price floor could attract processing facilities and create jobs, ensuring that Nigeria benefits from its resources rather than exporting them in raw form.
The public-interest implications of Wunti’s arguments are profound. By prioritizing domestic processing, Nigeria could reduce its reliance on imported goods, generate employment, and foster economic resilience. However, achieving this requires coordinated efforts between the government, private sector, and international partners. Wunti stressed that while the government cannot make uneconomic projects profitable, it can create conditions that make them bankable. "Government must address geological uncertainty, unpredictable regulation, inadequate infrastructure, and inefficient permitting," he said.
The CEO’s call for a price floor of $110/kg underscores the need for market stability. This benchmark would provide investors with the confidence to commit capital, ensuring that Nigeria’s minerals contribute to sustainable development rather than exacerbating economic disparities. "Investors need actual transactions, not presentations," he reiterated, reinforcing the urgency of actionable strategies over policy rhetoric.
Wunti’s remarks at the Concordia Summit highlight the critical juncture at which Nigeria stands. With the global demand for critical minerals on the rise, the nation has a unique opportunity to reshape its economic trajectory. However, this requires a shift from exporting raw materials to building a value-added industry that creates jobs and drives innovation. "We must move from potential to bankability," he concluded, urging stakeholders to act decisively to secure Nigeria’s place in the global mineral economy.
The Nigerian Solid Minerals Company’s role in this transformation cannot be overstated. As the country’s primary vehicle for mineral development, it must align its strategies with international standards and investor expectations. Wunti’s vision for Nigeria’s mineral sector hinges on this alignment, ensuring that the nation’s resources are leveraged to their fullest potential. "Rare earth elements are not necessarily rare in the ground. They are rare in the market," he said, emphasizing the need for strategic positioning in a competitive global landscape.
Wunti’s advocacy reflects a broader call for systemic reform in Nigeria’s mineral sector. By addressing data gaps, regulatory inefficiencies, and infrastructure deficits, the country can unlock its economic potential and avoid the pitfalls of its oil-dependent past. His message is clear: Nigeria’s 44 critical minerals must be a source of prosperity, not a cycle of poverty. "We will not repeat that mistake with lithium and rare earth elements," he affirmed, leaving the audience with a vision of a transformed Nigeria powered by its natural resources.
The 2026 Concordia Annual Summit served as a platform for Wunti to articulate Nigeria’s aspirations in the critical minerals sector. His participation underscored the nation’s growing influence in global economic discussions and the importance of leveraging its resources for sustainable development. As Nigeria navigates this complex landscape, the lessons from its oil sector remain a cautionary tale, urging policymakers to prioritize long-term gains over short-term exploitation.
The public’s interest in Nigeria’s mineral sector is tied to its potential to drive economic growth and reduce poverty. Wunti’s warnings and recommendations provide a roadmap for achieving this, emphasizing the need for transparency, investment, and strategic planning. By learning from past mistakes and embracing modern approaches, Nigeria can ensure that its 44 critical minerals become a cornerstone of national prosperity rather than a source of economic vulnerability.