The Chief Executive Officer of the World Energy Council Nigeria, Bala Wunti, has said Nigeria’s 44 critical minerals have the potential to create jobs, support industrialisation and help reduce poverty if properly developed.
Wunti made the remarks while speaking at the 2026 Concordia Annual Summit in New York, where he participated in a panel discussion on critical minerals and the changing global economy.
He urged the Federal Government to move beyond exporting raw minerals and instead develop local processing and manufacturing capacity that would allow Nigeria to retain more value from its mineral resources.
Wunti warned that Nigeria should not repeat the experience of the oil sector, where crude oil is exported and refined petroleum products are imported at higher costs.
He said the country’s mineral resources, including lithium, rare earth elements, nickel and cobalt, should be developed into factories, jobs and sustainable economic opportunities.
According to him, one of the major challenges facing the mining sector is the gap between having mineral deposits and having commercially viable projects that can attract investment.
Wunti identified reliable geological data, clearly defined projects, adequate infrastructure, predictable regulation, credible developers and viable routes to market as important conditions for attracting private investment.
He also said investors require bankable projects backed by internationally recognised geological data rather than general claims about Nigeria’s mineral potential.
Wunti described the Nigerian Solid Minerals Company as an important platform for converting the country’s mineral resources into commercially viable projects capable of attracting private capital.
He stressed that government’s role should be to reduce investment risks and create an enabling environment, while private capital would finance much of the development.
The Federal Ministry of Solid Minerals Development states that Nigeria has at least 44 mineral deposits in commercial quantities spread across more than 500 locations in the country.
Wunti said developing these resources locally could help Nigeria create jobs, expand its manufacturing base and reduce its dependence on exporting raw materials.
He therefore called for a shift from presenting Nigeria’s mineral wealth as mere potential to developing bankable projects capable of generating measurable economic benefits for Nigerians.
