The World Energy Council Nigeria has urged the Federal Government to stop exporting unprocessed critical minerals and instead develop domestic processing and manufacturing value chains.

The Chief Executive Officer of the council, Mr Bala Wunti, made the call during a high-level panel at the 2026 Concordia Annual Summit in New York, held on the sidelines of the 81st Session of the United Nations General Assembly.

Wunti warned that exporting raw minerals while importing expensive finished products would deny Nigeria the economic benefits of its mineral resources and deepen its dependence on foreign markets.

He said Nigeria had an estimated 44 critical mineral types, including lithium, rare earth elements, nickel and cobalt, which should be processed locally to support industrial development.

Wunti said Nigeria should not repeat the experience of crude oil, which had been exported in raw form for decades while refined petroleum products were imported at high costs.

He said the pattern had contributed to capital flight and economic vulnerability instead of generating broad-based prosperity.

The council chief also identified inadequate geological data as a major obstacle to investment in Nigeria’s mining sector, saying international investors required reliable and commercially viable information before committing funds.

He said the country needed standardised geological surveys, stable regulations, security for host communities, adequate power infrastructure and clear routes to international markets to turn mineral deposits into commercially viable projects.

Wunti described the recently established Nigerian Solid Minerals Company as an important vehicle for bridging the gap between geological potential and investable mining projects by helping convert raw geological data into commercially viable opportunities for private investors.