In 1971, the economy of Africa was undergoing a significant transformation. While the continent was rich in natural resources and populated by vibrant communities, its private sector was largely dominated by white and Asian entrepreneurs. Despite this, amidst the sea of established businesses, Stephen S. Tolbert emerged to challenge the status quo and redefine the narrative of African entrepreneurship.
Born into a family with a legacy of achievement, Tolbert’s lineage traced back to freed American slaves who settled in Liberia in the 19th century. His father, a prosperous coffee and rice farmer, and his elder brother, President William R. Tolbert Jr., who owned a thriving rubber plantation, provided a solid foundation for Tolbert’s upbringing. However, Tolbert was destined to carve his own path, one that would lead him into the realms of commerce and industry.
Tolbert’s journey into entrepreneurship began with a bold and audacious move. Armed with little more than an idea and determination, he ventured into the commercial fishing industry. Despite facing initial political setbacks, Tolbert secured funding from a Swiss banker and his brother, William, kickstarting what would eventually become the Mesurado Group of Companies. With a singular focus on innovation and expansion, Tolbert rapidly created new possibilities for the Liberia’s fishing industry.
In a region where private industry was predominantly controlled by foreign interests, Tolbert’s success was nothing short of remarkable. He defied conventional wisdom and blazed a trail of entrepreneurship that would inspire generations to come. Through strategic investments and relentless dedication, Tolbert built a thriving commercial fishing industry along the West African coast, creating new wealth and opportunities for his fellow Liberians.
Tolbert’s entrepreneurial vision extended far beyond the shores of Liberia. His ventures in neighboring countries like Nigeria and Sierra Leone demonstrated his unwavering commitment to regional economic development.
Central to Tolbert’s success was his ability to navigate the complexities of international business. Despite his familial ties to political power, Tolbert’s ventures were financed primarily by foreign banks, highlighting his shrewdness and acumen in securing investment. His partnerships with foreign executives, such as British executive Keith Bradshaw, underscored his collaborative approach and commitment to excellence.
Tolbert’s impact went beyond economics. His initiatives revolutionized Liberian dietary habits, providing a vital source of protein to communities previously deprived of such sustenance. Through the establishment of a network of cold storage depots and the introduction of modern fishing techniques, Tolbert bolstered the economy but also promoted better health outcomes for his fellow citizens.
In terms of production, Tolbert’s companies achieved remarkable success. The Mesurado fishing company, for instance, sold more than 20 million pounds of fish annually, providing almost 20 pounds for each Liberian citizen. His ventures in shrimp trawling and other fisheries also contributed significantly to the country’s export earnings, exceeding $3 million in 1971 alone.
The profitability of Tolbert’s enterprises was equally impressive. Before the coup in 1980, his group of companies reported annual sales of about $10 million, with an annual payroll of $1.2 million. These figures, coupled with the social impact of his ventures, underscored Tolbert’s transformative influence on Liberian society.
As Tolbert’s legacy continues to inspire, his entrepreneurial spirit inspires hope for Africa’s future. His story is a testament to the potential for economic growth and development on the continent, driven by indigenous innovation and leadership. Tolbert’s journey reminds us that with determination, vision, and perseverance, anything is possible.
