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A relative's friend used to own a hair salon, and one thing I noticed is that Black women don't mess around with their hair. They will pay for quality above all, and I'm pretty sure the response would have been different if the question mentioned the quality of products.
Easier said than done. For starters, the equipment and tools to extract raw materials are often not available locally. When they are, the experience to optimize the extraction process (and minimize the costs) is lacking. Beyond that, the factor that doesn't encourage the local exploitation of raw materials is the lack of local manufacturing and a general unwillingness to consume locally due to the perception that African manufactured goods are of lesser quality than foreign goods. Things are slowly changing as more countries are investing in manufacturing and tech.
Another thing I wanted to address in your comment is the assumption that control of natural resources by Africans is synonymous to unrestricted access for black entrepreneurs. Read up on the Congolese conflict and how different countries (Congo, Rwanda, Uganda) are funding military groups to assert control over the very rich Eastern Congo. Yes, global multinationals play a part in the state of things, but you'll find that throughout the continent, countries are not keen on sharing the resources they control unless there is a financial incentive to do so.
