Wunti Urges Africa to Avoid Raw Mineral Export Mistakes

Bala Wunti, the Chief Executive Officer of World Energy Council Nigeria, warned that Africa must avoid repeating the economic model that led to the export of crude oil and the import of refined petroleum products. Speaking at the 2026 Concordia Annual Summit in New York, he emphasized the importance of positioning Africa as a competitive processing and manufacturing partner in the global critical minerals economy.

The summit, held from September 20 to 23 at the Sheraton New York Times Square, featured discussions on the U.S. reliance on imported critical minerals and China's processing dominance. Wunti, who has over three decades of experience in energy systems, linked energy security to mineral security, stating that the global economy is shifting from hydrocarbons to strategic minerals.

He cautioned against the permanent export of raw minerals, labeling it as colonial economics, and advocated for building processing capacity in Africa.