The Chief Executive Officer of the World Energy Council Nigeria, Mr. Bala Wunti, has warned that Africa must avoid repeating the economic model of the crude oil sector where raw materials are exported and refined goods are imported with critical minerals like lithium, cobalt, and rare earth elements.

Speaking at the 2026 Concordia Annual Summit in New York, Wunti stated that the continent must transition from a mere source of raw materials to a competitive processing and manufacturing partner within the global economy. The summit, held alongside the United Nations General Assembly, gathered international leaders to discuss shifting global supply chains and critical mineral dependencies.

Highlighting the evolution of global energy markets, Wunti noted that strategic minerals will dictate industrial development and international power in the coming decades. “For the past 50 years, we priced energy in barrels. For the next 50 years, we will price it in kilograms,” he remarked.

He cautioned that permanently exporting raw minerals amounts to “colonial economics” that breeds poverty rather than prosperity. Instead, African nations must build domestic processing plants, attract targeted investments, and create local manufacturing jobs.

Addressing why resource-rich nations like Nigeria have struggled to fully monetize their 44 identified critical minerals, Wunti explained that the core issue lies in bridging the gap between mere geological potential and structured, investable projects. He emphasized that international financiers invest in bankable data and clear commercial transactions rather than raw potential.

Wunti pointed to the Nigerian Solid Minerals Company as a vital flagship platform designed to transform mineral deposits into viable, market-ready transactions. He added that while private capital must drive development, governments are responsible for mitigating risks such as regulatory unpredictability and infrastructure deficits.

Commenting on international market interventions, Wunti welcomed recent U.S. measures such as a $110 per kilogram price floor for certain critical minerals stating that price certainty is crucial to closing the gap between policy ambition and commercial reality.

Concluding his address, Wunti urged governments to build supply chain resilience through diversified international partnerships rather than isolation. He advocated combining Western technology and capital with African mineral wealth and talent to accelerate industrial growth.

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The Chief Executive Officer of the World Energy Council Nigeria, Mr. Bala Wunti, has warned that Africa must avoid repeating the economic model of the crude oil sector where raw materials are exported and refined goods are imported with critical minerals like lithium, cobalt, and rare earth elements.

Speaking at the 2026 Concordia Annual Summit in New York, Wunti stated that the continent must transition from a mere source of raw materials to a competitive processing and manufacturing partner within the global economy. The summit, held alongside the United Nations General Assembly, gathered international leaders to discuss shifting global supply chains and critical mineral dependencies.

Highlighting the evolution of global energy markets, Wunti noted that strategic minerals will dictate industrial development and international power in the coming decades. “For the past 50 years, we priced energy in barrels. For the next 50 years, we will price it in kilograms,” he remarked.

He cautioned that permanently exporting raw minerals amounts to “colonial economics” that breeds poverty rather than prosperity. Instead, African nations must build domestic processing plants, attract targeted investments, and create local manufacturing jobs.

Addressing why resource-rich nations like Nigeria have struggled to fully monetize their 44 identified critical minerals, Wunti explained that the core issue lies in bridging the gap between mere geological potential and structured, investable projects. He emphasized that international financiers invest in bankable data and clear commercial transactions rather than raw potential.

Wunti pointed to the Nigerian Solid Minerals Company as a vital flagship platform designed to transform mineral deposits into viable, market-ready transactions. He added that while private capital must drive development, governments are responsible for mitigating risks such as regulatory unpredictability and infrastructure deficits.

Commenting on international market interventions, Wunti welcomed recent U.S. measures such as a $110 per kilogram price floor for certain critical minerals stating that price certainty is crucial to closing the gap between policy ambition and commercial reality.

Concluding his address, Wunti urged governments to build supply chain resilience through diversified international partnerships rather than isolation. He advocated combining Western technology and capital with African mineral wealth and talent to accelerate industrial growth.

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