The Chief Executive Officer of World Energy Council Nigeria, Mr. Bala Wunti, has warned that the United States and its allies cannot build credible defence systems, reliable electricity grids and artificial intelligence infrastructure while depending on a single country for critical mineral processing.
A statement quoted Wunti to have made the remarks at the 2026 Concordia Annual Summit held from September 20 to 23 at the Sheraton New York Times Square, alongside the United Nations General Assembly.
The summit, now in its 16th year, brings together heads of state, senior government officials and business leaders from more than 100 countries.
Wunti participated in a panel titled, ‘Rare Currency: Critical Minerals in a Shifting Global Economy’ alongside Alix Steel, Principal at DrivePath Advisors and former Bloomberg Television anchor; Steven Fox, founder and Executive Chairman of Veracity Worldwide; and Scott Monteith, President and Chief Executive Officer of Avalon Advanced Materials.
The session examined America’s growing dependence on imported critical minerals and China’s dominance of global processing capacity, as well as the implications for defence, electricity, grid transmission, technology and industrial competitiveness.
Wunti, who has more than three decades of experience in developing and financing large scale energy systems, previously served as Chief Upstream Investment Officer at the Nigerian National Petroleum Company Limited.
“The session brief is correct. The urgency, need and speed of action are essential,” Wunti said. “Closing the supply gap has become a compelling national priority for the United States. However, domestic production takes decades, allies are indispensable, and a considerable distance remains between policy ambition and commercial reality.”
Highlighting the national security implications of critical mineral dependence, Wunti said the global energy economy was moving from hydrocarbons measured in barrels to strategic minerals measured in kilograms.
“For the last 50 years, we priced energy in barrels. For the next 50 years, we will price it in kilograms, including kilograms of lithium, cobalt, graphite and rare earth elements,” he said.
“An F 35 fighter aircraft requires about 900 pounds of rare earth elements, while a Virginia class submarine requires approximately 9,200 pounds. You cannot win the critical minerals race, and you cannot build credible deterrence, while depending on your competitor’s supply chain.”
According to him, the greatest strategic vulnerability lies not only in the mining of critical minerals, but also in their processing and refining.
“The real weapon is not the mine. It is the midstream,” Wunti said. “China controls more than 90 per cent of rare earth processing, about 80 per cent of graphite processing and approximately 75 per cent of cobalt processing.
“China secured the less glamorous middle of the value chain, the refinery, while the West concentrated on the more visible end product, the electric vehicle.”
Responding to questions about why resource rich countries such as Nigeria had not converted their mineral potential into economic and strategic power, Wunti said the central problem was the difference between mineral occurrences and commercially investable projects.
“Having minerals in the ground is only the beginning. We had geological indications, but not proven reserves supported by JORC compliant data. We also had good policies, but not clearly defined projects. The United States invests in projects, not potential,” he said.
Wunti identified six conditions required to mobilise capital for critical mineral projects. These are reliable geological data, clearly defined projects, enabling infrastructure, predictable regulation, credible developers and viable routes to market.
“For 50 years, Nigeria exported crude oil and imported refined petroleum products. That created poverty, not prosperity. We have learned from that experience,” he said.
Wunti described the Nigerian Solid Minerals Company as the country’s flagship investment platform, established to transform mineral potential into commercially viable projects.
“The company is moving Nigeria from saying, ‘We have minerals’, to presenting investable projects with clear commercial propositions,” he said.
“Rare earth elements are not necessarily rare in the ground. They are rare in the market. Bringing them to market requires capital and technology. We are moving from potential to bankability by presenting investors with an actual transaction, not merely a presentation. Give me a credible price, and I will give you private capital.”
Wunti also commended recent actions by the United States, including Executive Order 14241, development finance initiatives, export controls and bilateral mineral agreements, describing them as bold measures capable of reshaping the global critical minerals market.
He cited the MP Materials package, which established a price floor of $110 per kilogram for neodymium and praseodymium products, as evidence that Washington was moving from being merely a lender to becoming a price setter.
“The Defence Production Act is not merely a funding mechanism. It is also a foreign policy signal,” he said.
Wunti, however, maintained that private capital must provide most of the investment required to develop critical mineral projects.
“Government must make projects investable by addressing the risks that investors cannot solve independently, including geological uncertainty, unpredictable regulation, inadequate infrastructure, inefficient permitting and weak investment frameworks,” he said.
“Government can make a project bankable, but it cannot permanently make an uneconomic project profitable. Investors require commercially viable prices and confidence that credible buyers exist.”
According to him, investors require four fundamentals: JORC compliant geological data, commercially sustainable prices, a stable and competitive fiscal system, and credible buyers.
“Price, not pitch, is the lesson,” Wunti said, adding, “The $110 per kilogram floor closes the gap between policy and commerce because it provides investors with a credible price rather than merely a policy statement.”
He advocated a partnership combining American technology and capital, Australian and Canadian mineral resources, and African processing capacity and talent.
“That is how the critical minerals race can be won in three years rather than 15,” he said.
Wunti concluded by cautioning countries against confusing supply chain security with economic isolation.
“Pursue self sufficiency, yes, but not isolation. Complete independence is an illusion. Resilience is the goal.
“Security does not mean producing everything within your borders. It means ensuring that your competitor cannot cut off your supply within 90 days,” he said.