Wunti: Nigeria’s minerals must build factories, not fund poverty

The Chief Executive Officer of World Energy Council Nigeria, Bala Wunti, has urged the Federal Government to develop the country’s 44 critical minerals into factories, jobs and sustainable economic opportunities for Nigerians, according to a Premium Times report.

Speaking at the 2026 Concordia Annual Summit in New York, alongside the UN General Assembly, Wunti warned against repeating the crude oil model of exporting raw materials while importing costlier finished products.

“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.

He identified the absence of reliable geological data as a major obstacle, stressing that “investors invest in projects, not potential.” Wunti added that a price floor of $110 per kilogram would give investors commercial certainty, attracting processing facilities and jobs into Nigeria’s mining sector.