Wunti Urges Nigeria to Process Critical Minerals Locally

Bala Wunti, the Chief Executive Officer of the World Energy Council Nigeria, called on the Federal Government to adopt an economic policy shift to prevent Nigeria from repeating its historical mistakes in the crude oil sector, specifically regarding the export of unprocessed minerals. Speaking at the 2026 Concordia Annual Summit in New York, Wunti warned that exporting unprocessed critical minerals while importing costly finished products would exacerbate domestic poverty.

He highlighted Nigeria's 44 critical mineral types, including lithium and cobalt, emphasizing the necessity of local processing to create manufacturing value chains. Wunti pointed out that Nigeria's mining sector has underperformed due to a lack of standardized, bankable geological data, which deters institutional investment.

He stressed the importance of reliable geological surveys, stable regulations, and community security to convert raw deposits into commercial assets. Wunti mentioned the Nigerian Solid Minerals Company as a key state-backed initiative aimed at transforming raw geological data into viable investment opportunities.