The Chief Executive Officer of World Energy Council Nigeria, Mr. Bala Wunti, has issued a warning that no country can build energy security alone, particularly when relying on a single nation for critical mineral processing. Speaking at the 2026 Concordia Annual Summit in New York, Wunti emphasized the importance of cooperation in addressing the global energy economy's growing dependence on strategic minerals. The summit, which took place from September 20 to 23, brought together leaders from over 100 countries to discuss pressing global issues.
Wunti participated in a panel discussion titled 'Rare Currency: Critical Minerals in a Shifting Global Economy', alongside industry experts Alix Steel, Steven Fox, and Scott Monteith. The session examined the implications of America's growing dependence on imported critical minerals and China's dominance of global processing capacity. Wunti, with over three decades of experience in energy systems development and financing, previously served as Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited.
According to Wunti, the global energy economy is shifting from hydrocarbons measured in barrels to strategic minerals measured in kilograms. He highlighted the national security implications of critical mineral dependence, citing the example of an F-35 fighter aircraft requiring 900 pounds of rare earth elements. Wunti emphasized that a country's ability to secure these minerals is crucial for building credible defense systems and reliable electricity grids.
The greatest strategic vulnerability, Wunti argued, lies not only in the mining of critical minerals but also in their processing and refining. He noted that China controls over 90% of rare earth processing, 80% of graphite processing, and 75% of cobalt processing. This dominance allows China to dictate the global supply chain, leaving other countries vulnerable to supply disruptions.
Wunti's warning comes as the United States and its allies seek to reduce their dependence on China for critical minerals. He emphasized that domestic production takes decades to establish and that allies are indispensable in addressing the supply gap. Wunti called for urgent action to close the gap between policy ambition and commercial reality.
When asked why resource-rich countries like Nigeria have not converted their mineral potential into economic and strategic power, Wunti pointed to the challenges of developing the midstream sector. He noted that while countries like Nigeria have abundant mineral resources, they often lack the capacity to process and refine them, leaving them vulnerable to exploitation by other nations.
As the global energy landscape continues to evolve, Wunti's warning serves as a reminder of the importance of cooperation and strategic planning in securing critical minerals. The Concordia Annual Summit provided a platform for leaders to discuss these issues and explore solutions to the challenges posed by critical mineral dependence.
Key points
- No country can build energy security alone, particularly when relying on a single nation for critical mineral processing.
- China controls over 90% of rare earth processing, 80% of graphite processing, and 75% of cobalt processing.
- The global energy economy is shifting from hydrocarbons measured in barrels to strategic minerals measured in kilograms.
