Says continent must move from raw mineral exports to processing and industrialisation
NEW YORK, September 21, 2026
The Chief Executive Officer of World Energy Council Nigeria, Mr. Bala Wunti, has warned that Africa must not repeat with lithium, cobalt and rare earth elements the costly economic model under which the continent exported crude oil and imported refined petroleum products.
Wunti said Africa must move beyond serving as a source of raw materials and position itself as a competitive processing and manufacturing partner within the emerging global critical minerals economy.
He spoke at the 2026 Concordia Annual Summit in New York during a panel titled, “Rare Currency: Critical Minerals in a Shifting Global Economy.”
The summit, held from September 20 to 23 at the Sheraton New York Times Square alongside the United Nations General Assembly, brings together heads of state, senior government officials and business leaders from more than 100 countries.
Wunti participated in the panel alongside Alix Steel, Principal at DrivePath Advisors and former Bloomberg Television anchor; Steven Fox, founder and Executive Chairman of Veracity Worldwide; and Scott Monteith, President and Chief Executive Officer of Avalon Advanced Materials.
The session examined the increasing dependence of the United States on imported critical minerals, China’s dominance of global processing capacity and the implications for defence, electricity, grid transmission, technology and industrial competitiveness.
Wunti, who has more than three decades of experience in developing and financing large scale energy systems, previously served as Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited.
“The urgency, need and speed of action are essential,” Wunti said. “Closing the supply gap has become a compelling national priority for the United States. However, domestic production takes decades, allies are indispensable, and a considerable distance remains between policy ambition and commercial reality.”
Linking energy security directly to mineral security, Wunti said the global economy was moving from an era dominated by hydrocarbons to one in which strategic minerals would shape industrial development and international power.
“For the past 50 years, we priced energy in barrels. For the next 50 years, we will price it in kilograms, including kilograms of lithium, cobalt, graphite and rare earth elements,” he said.
“Whether those kilograms are controlled by allies or adversaries will help define the next global industrial order.”
Wunti cautioned African governments against allowing the continent’s critical minerals to be exported permanently in their raw form.
“Exporting crude oil and importing refined petroleum products created poverty, not prosperity. That model must not be repeated with lithium, cobalt and rare earth elements,” he said.
“A temporary concentrate export arrangement may be commercially necessary, but the permanent export of raw minerals amounts to colonial economics.”
According to him, Africa’s opportunity lies in building processing capacity, attracting investment and creating employment through local value addition.
“Africa must not remain merely a source of raw materials. It must become a processing partner,” Wunti said.
“The African countries that develop projects and enter the market fastest will have an advantage. The real prize is value addition through processing, factories, employment and industrialisation on the continent, rather than exporting those opportunities to Asia.”
Responding to questions about why Nigeria had not fully developed its 44 identified critical minerals, Wunti said the central problem was the difference between mineral potential and an investable project.
“Having minerals in the ground is only the beginning,” he said. “We had geological indications, but not proven reserves supported by JORC compliant data. We also had good policies, but not clearly defined projects. The world invests in projects, not potential.”
He identified six requirements for attracting capital into the sector. These are reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers and viable routes to market.
“For 50 years, Nigeria exported crude oil and imported refined petroleum products. We have learned from that experience and are now correcting the model,” he said.
Wunti described the Nigerian Solid Minerals Company as the country’s flagship investment platform, established to transform mineral resources into commercially viable projects.
“The company is moving Nigeria from simply saying, ‘We have minerals,’ to presenting investable projects with clear commercial propositions,” he said.
“Rare earth elements are not necessarily rare in the ground. They are rare in the market. Bringing them to market requires capital and technology.”
According to Wunti, the company would help move Nigeria from mineral potential to bankability by presenting investors with commercially structured transactions.
“We must present investors with actual transactions, not merely presentations. Give me a credible price, and I will give you private capital,” he said.
Wunti also welcomed recent measures introduced by the United States, including Executive Order 14241, development finance initiatives, export controls and bilateral mineral agreements.
He cited the $110 per kilogram price floor for neodymium and praseodymium products under the MP Materials agreement as an example of government intervention capable of giving investors greater commercial certainty.
He, however, said African governments must respond to such international developments with sound policies and commercial discipline.
“Ultimately, private capital must do the heavy lifting, but governments must make projects investable,” Wunti said.
“Government must address the risks investors cannot solve independently, including inadequate geological information, unpredictable regulation, poor infrastructure, inefficient permitting and weak investment frameworks.”
He said governments could improve the bankability of mineral projects but could not permanently transform economically unviable ventures into profitable investments.
“Investors still require competitive economics and credible buyers,” Wunti said. “The lesson is price, not pitch.”
He listed JORC compliant geological data, commercially viable prices, stable and competitive fiscal systems, and credible buyers as the four essential requirements for attracting investment.
“The $110 per kilogram price floor helps close the gap between policy and commerce because it gives investors a credible price rather than merely a policy statement,” he said.
“When the right price and investment conditions are available, processing can come to Africa. That is how we move from potential to bankability, from barrels to kilograms, and from extraction to processing.”
Wunti concluded by urging governments to pursue supply chain resilience through domestic capacity and diversified international partnerships.
“Pursue self sufficiency, but do not pursue isolation,” he said. “Complete independence is an illusion. Resilience is the goal.”
“Security does not mean producing everything within your borders. It means ensuring that a competitor cannot cut off your supplies within 90 days.”
He said the most effective model would combine American technology and capital with African mineral resources, p
The 2026 Concordia Annual Summit is a leading nonpartisan global forum held alongside the United Nations General Assembly, bringing together influential leaders from government, business and civil society to address pressing international challenges. Past speakers include former US Presidents Joe Biden, George W. Bush and Bill Clinton, former British Prime Minister Tony Blair, UN Secretary General António Guterres and business leader Warren Buffett.rocessing capacity and talent.
