Bala Wunti used the 2026 Concordia Annual Summit in New York to warn that Africa’s new mineral wealth, lithium, cobalt and uncommon earth components, may simply repeat the errors of its crude oil period. Why ought to anyone pay attention?
One, as a result of Wunti spent three a long time inside Nigeria’s upstream oil sector, serving as Chief Upstream Investment Officer of NUIMS and managing director of NAPIMS and the Petroleum Products Marketing Company. These posts put him in command of multibillion-dollar nationwide portfolios.
Two, Wunti led the renegotiation of Nigeria’s Deep Offshore Production Sharing Contracts, ending a two-decade stalemate with worldwide oil firms and securing a bigger authorities share of offshore income, a uncommon case of translating useful resource wealth into measurable returns.
With that historical past in view, Wunti’s argument returns to focus.
In his opinion, exporting crude whereas importing refined petroleum creates poverty somewhat than prosperity; subsequently, the identical sample should not outline how Africa handles its crucial minerals.
For 50 years power was priced in barrels, he mentioned; for the subsequent 50, it will likely be priced in kilograms of lithium, cobalt, graphite and uncommon earth components. Global demand for battery minerals is rising shortly, and processing capability, not uncooked deposits, is turning into the actual supply of financial benefit.
Wunti additionally argued that Africa should change into a processing accomplice somewhat than stay a supply of uncooked materials, calling the everlasting export of unrefined minerals colonial economics whilst he allowed that short-term focus exports could generally be commercially crucial.
Nigeria’s personal hole is instructive. By Wunti’s reasoning, the nation has recognized 44 crucial minerals, however geological indications will not be confirmed reserves backed by internationally recognised information, and buyers fund tasks, not potential.
