Bala Wunti has urged the Federal Government to transition from raw mineral exports to bankable local processing projects. Wunti is the CEO of WEC Nigeria. He spoke at the 2026 Concordia Annual Summit in New York. He warned against repeating Nigeria’s historic crude oil export model.
Nigeria has exported raw materials for decades. Crude oil dominates. It is exported and refined abroad. Nigeria imports refined products. The value addition happens elsewhere. The same pattern applies to minerals. Lithium, cobalt and gold are exported raw. Processing happens abroad. Nigeria loses jobs, revenue and skills. The government has pledged to change this. In 2023, it announced plans to ban raw mineral exports. In 2024, it introduced incentives for local processing. Implementation has been slow.
Wunti’s message is direct. He said Nigeria must not repeat the oil model. Oil exports enriched the state. They did not industrialise the economy. They did not create jobs. They did not transfer technology. Minerals offer a second chance. Nigeria has lithium. It has cobalt. It has gold. These are critical for the energy transition. Demand is rising. Nigeria can capture value. But it must process locally.
The economic logic is sound. Processing creates jobs. It builds skills. It generates tax revenue. It also supports downstream industries. Lithium processing feeds battery manufacturing. Gold refining supports jewellery. Cobalt processing supports electronics. The value chain is long. Nigeria can enter it.
The challenges are significant. Processing requires capital. It requires technology. It requires reliable power. It requires skilled workers. Nigeria has some. It lacks others. The government must provide incentives. The private sector must invest. Partnerships with foreign firms can help.
The Concordia Summit is a global platform. Wunti’s message reaches investors and policymakers. It signals that Nigeria is open for business. It also signals that Nigeria wants partnerships. Not exploitation. The distinction matters.
Winners: Nigeria, if processing develops. Local communities, if jobs follow. Investors, if they enter early. The government, if revenue rises. Losers: Raw material exporters, if exports are restricted. Foreign processors, if they lose feedstock. Countries that buy raw minerals, if supply shifts. The government, if implementation fails.
Bottom Line: Wunti wants local processing. He warns against the oil model. Minerals offer a second chance. Nigeria must capture value. Partnerships and policy will decide.