Africa must not repeat crude oil mistake with Lithium - Wunti warns

Bala Wunti, CEO of the World Energy Council Nigeria, warned that Africa must avoid repeating the costly economic model of exporting crude oil by focusing on lithium, cobalt, and rare earth elements. He emphasized that the continent should shift from raw material exports to becoming a competitive processing and manufacturing partner in the global critical minerals economy. Speaking at the 2026 Concordia Annual Summit in New York, Wunti highlighted the importance of securing strategic mineral supplies for energy security and industrial development, noting the transition from hydrocarbons to minerals as key to future economic power.