Nigeria urged to process minerals domestically and create jobs

Nigeria must develop its critical minerals into processing facilities, jobs and sustainable economic opportunities instead of exporting raw materials, Bala Wunti, chief executive of World Energy Council Nigeria, has said. Wunti spoke at the 2026 Concordia Annual Summit in New York during a panel on critical minerals and the changing global economy. He warned that Nigeria should not repeat the pattern of exporting crude oil while importing refined products at higher prices.

He said the country’s 44 critical minerals would generate greater value only if Nigeria built domestic processing and manufacturing capacity. In his view, the main barriers to investment included inadequate geological data and the absence of projects structured in a way that investors could assess commercially. Wunti said geological indications were not enough to attract capital.

Investors required proven reserves supported by JORC-compliant data, defined projects, infrastructure, predictable regulation, credible developers and viable routes to market. He described the Nigerian Solid Minerals Company as a flagship platform intended to turn mineral resources into bankable projects. Wunti said the government’s role was to reduce risks by addressing geological uncertainty, inefficient permitting, infrastructure gaps and regulatory unpredictability, while private capital would finance most projects.

He identified four conditions for sustainable investment: compliant geological data, commercially viable prices, a stable and competitive fiscal system, and credible buyers. He also cited a price floor of $110 per kilogram as an example of the commercial certainty investors might require. Wunti said government could make projects bankable, but could not permanently make uneconomic ventures profitable.