Africa must not repeat crude oil mistake with Lithium – Wunti warns
Africa Urged to Process Critical Minerals Locally Rather than Exporting Raw Materials
NEW YORK, September 21, 2026 — The Chief Executive Officer of the World Energy Council Nigeria, Bala Wunti, emphasized the need for Africa to shift its approach to critical minerals such as lithium, cobalt, and rare earth elements. He warned against repeating the economic pitfalls of the crude oil export model that left the continent dependent on imported refined petroleum products.
Wunti made these remarks during the panel discussion titled “Rare Currency: Critical Minerals in a Shifting Global Economy” at the 2026 Concordia Annual Summit in New York. The summit, which ran from September 20 to 23 concurrent with the United Nations General Assembly, drew leaders from over 100 countries, including heads of state and business executives.
He argued that Africa should advance from being a mere supplier of raw materials to a more competitive player in processing and manufacturing within the global critical minerals market. Wunti’s panel included other prominent figures such as Alix Steel, Scott Monteith, and Steven Fox, and discussed the implications of the United States’ reliance on imported minerals and China’s dominant processing capacity for various sectors, including defense and technology.
Highlighting the urgency of rethinking Africa’s approach, Wunti referenced the lengthy time spans necessary for domestic production initiatives. “Closing the supply gap has now become a national priority for the United States,” he stated. “The distance between policy ambition and commercial reality remains significant.”
He connected energy security to mineral security, predicting that the global economy is evolving from an era dependent on hydrocarbon pricing to one influenced by strategic minerals. “For the past 50 years, we priced energy in barrels. For the next 50 years, we will price it in kilograms,” he said, citing lithium, cobalt, graphite, and rare earth elements as critical components.
Wunti cautioned against allowing African nations to export their mineral resources in their raw form, reminiscent of the crude oil export strategy that fostered poverty rather than prosperity. “A temporary concentrate export arrangement may be commercially necessary, but permanent export of raw minerals constitutes colonial economics,” he stated.
He underscored the importance of building local processing capacity, attracting investment, and creating jobs through value addition. “Africa should not remain merely a source of raw materials. It must evolve into a processing partner,” Wunti asserted.
Addressing why Nigeria has yet to maximize its identified critical minerals, Wunti mentioned the necessity of compelling geological data and clearly defined investment projects. “Having minerals in the ground is just the beginning,” he remarked. “The world invests in projects, not potential.”
He identified six requirements for drawing investment in the sector: reliable geological data, well-defined projects, adequate infrastructure, consistent regulations, reputable developers, and viable market access.
Wunti highlighted the establishment of the Nigerian Solid Minerals Company as a transformative effort aimed at converting mineral resources into commercially viable projects. “We aim to move Nigeria from merely stating, ‘We have minerals,’ to presenting investable projects with tangible commercial propositions,” he explained.
He expressed optimism over recent U.S. initiatives, noting that measures like Executive Order 14241 could enhance investment conditions by providing greater price certainty to investors.
Wunti concluded by urging African governments to foster supply chain resilience through domestic capabilities and diversified international partnerships. “Pursue self-sufficiency, but do not seek isolation,” he advised. “Security does not mean producing everything within your borders; instead, it is about ensuring that your supply can withstand disruptions.”
