Bala Wunti, chief executive officer of World Energy Council Nigeria, has said that a United States price floor of $110 per kilogram for certain rare earth products could offer the commercial certainty Nigeria needs to attract private investment into its critical minerals sector. He made the remarks at the 2026 Concordia Annual Summit in New York, speaking on a panel titled "Rare Currency: Critical Minerals in a Shifting Global Economy."
Nigeria's Minerals Investment Gap
Nigeria has identified 44 commercially viable minerals, yet the sector has not generated meaningful economic returns or attracted investment comparable to oil and gas. Wunti, a former chief upstream investment officer at the Nigerian National Petroleum Company Limited with over three decades of experience in large-scale energy projects, said the central problem is the gap between mineral presence and investable projects.
"Having minerals in the ground is only the beginning. We had geological indications, but not reserves supported by JORC compliant data. This meant that we knew minerals were present, but investors did not have sufficient information to finance their development," he said. He added that Nigeria has produced mining policies without concrete projects capable of drawing investors, noting that "United States investors invest in projects, not potential."
Six Conditions for Mobilising Capital
Wunti identified six conditions necessary to mobilise capital: reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers, and viable routes to market. He pointed to the establishment of the Nigerian Solid Minerals Company as a step towards converting mineral potential into commercially structured opportunities, describing it as the country's flagship investment platform and a credible counterparty for both local and international investors.
"We must move from potential to bankability. Investors need an actual transaction, not merely a presentation," he said. On the US price floor, Wunti explained that a guaranteed minimum purchase price of $110 per kilogram for neodymium and praseodymium products reduces investors' exposure to sharp price drops and market manipulation, making it easier for lenders to finance mining and processing projects they would otherwise consider too risky.
Price Floor as a Model for Nigeria
"The lesson is price, not pitch. The $110 per kilogram floor helps close the gap between government policy and commercial reality. Give me a credible price, and I will give you private capital," he said. He also stressed that government support has limits, saying that while policy can make a project bankable, it cannot permanently sustain one that is economically unviable.
The summit ran alongside the United Nations General Assembly at the Sheraton New York Times Square and brought together government, business, and civil society leaders to discuss pressing global challenges. Wunti closed by urging Africa to push beyond extraction towards local processing, manufacturing, and job creation. "We must move from barrels to kilograms and from extraction to processing," he said. "That is how Africa wins."
