WEC URGES FG TO PROCESS MINERALS LOCALLY

The World Energy Council Nigeria has urged the Federal Government to develop the country’s critical minerals into processing and manufacturing industries that can create jobs and expand economic opportunities.

WEC Nigeria Chief Executive Officer, Bala Wunti, made the call at the 2026 Concordia Annual Summit in New York, where he participated in a panel on critical minerals and the global economy.

Wunti warned that Nigeria could repeat the challenges associated with exporting crude oil as a raw commodity if it exports minerals without developing local processing capacity.

He said the country’s estimated 44 critical mineral types, including lithium, rare earth elements, nickel and cobalt, should be developed into domestic manufacturing value chains.

According to him, Nigeria’s challenge is not a lack of mineral resources but the difficulty of converting mineral potential into bankable investment projects.

Wunti identified reliable geological data, commercially structured projects, stable regulations, infrastructure, security and clear routes to market as important conditions for attracting private investment.

He said investors needed proven reserves supported by internationally recognised geological data and commercially viable projects rather than broad presentations about Nigeria’s mineral potential.

Wunti also identified the Nigerian Solid Minerals Company as an important platform for developing mineral resources into commercially viable projects and attracting private capital.

He urged the government to focus on reducing investment risks while allowing private investors to provide much of the capital required for processing and industrial projects.