AVOID EXPORTING UNPROCESSED MINERALS, COUNCIL TELLS FG

The World Energy Council Nigeria has urged the Federal Government to prioritise local processing of the country’s mineral resources instead of relying heavily on the export of raw materials.

The council’s Chief Executive Officer, Bala Wunti, made the call while speaking at the 2026 Concordia Annual Summit in New York, where he participated in a panel discussion on critical minerals and global supply chains.

Wunti warned that exporting unprocessed minerals and importing finished industrial products could limit the economic benefits Nigeria gains from its mineral resources.

He said Nigeria has about 44 types of critical minerals, including lithium, rare earth elements, nickel and cobalt, which could support domestic manufacturing and industrial development if processed locally.

According to him, Nigeria should avoid repeating the experience of the oil sector, where crude oil has historically been exported while refined petroleum products were imported.

Wunti also identified limited reliable geological data as one of the factors discouraging investment in the mining sector. He said investors require credible information about mineral deposits before committing funds to projects.

He added that developing the sector would require reliable geological surveys, stable regulations, security for host communities, adequate electricity and clear access to international markets.

Wunti further described the newly established Nigerian Solid Minerals Company as an important vehicle for turning geological information into commercially viable investment opportunities.