Africa must strengthen its internal market and invest in local processing industries to retain more value from its natural resources, author and board adviser Shiv Shivakumar has said.

Shivakumar, author of The CEO Mindset and Chair of the SHRM Advisory Council, said the continent should work towards becoming a single market to improve the movement of goods, reduce costs and accelerate economic growth.

He stated that deeper integration could transform sectors including transportation and make products and services more affordable.

He said reducing differences in taxation and other trade barriers would allow goods to move more easily across African countries.

Shivakumar also urged African governments to focus on processing the continent’s critical minerals locally rather than exporting them as raw materials.

He said Africa would only capture greater economic value from its resources by developing industries that process them within the continent.

He warned that without investment in processing, Africa would continue supplying raw materials while much of the economic value was captured elsewhere.

Shivakumar said Africa should learn from other regions that have benefited from economic integration and avoid weakening the advantages that come from operating as a large, unified market.

He described Africa’s critical minerals as a major opportunity, given the growing global demand for such resources, but stressed that local processing must be at the centre of the continent’s strategy.

He urged African countries to strengthen cooperation and build processing capacity to ensure that the continent benefits more directly from its natural resources.