Africa stands at the threshold of greatness. After many years of being referred to as the Dark Continent, recording the bleakest figures in poverty, health care, literacy, and general human development, the world today sees Africa as the last frontier for development and lucrative enterprise. This is both logical and inevitable as a fact of history.

But while entrepreneurship, free enterprise and talent are the hardware of growth of businesses and economies, the critical software is character; character, used in its most profound sense. Enterprise, commerce and even societies cannot endure without high values and moral content. The values of self-discipline, deferment of gratification, hard work and innovation, integrity (and I will return to this briefly), respect for credit and obligation, respect for the rule of law, the prompt payment of taxes and obligations. These are the critical components of successful economies and countries anywhere.

Neither talent by itself nor business acumen can sustain businesses. Self-discipline, the ability to defer gratification, to save and to invest, to bear losses and disappointments and continue are critical. But even tenacity of purpose and discipline are not sufficient. At the core of enduring success is integrity, simply put honest, trustworthy behaviour consistently, and I emphasize consistency in honest and trustworthy behaviour. Trust is the currency of business, when trust fails, all fails. This leads to the point of respect for credit and obligation.

The simple meaning of this is that enduring entrepreneurial success can only come when the entrepreneur is known for respecting relationships and other obligations. Credit is the live wire of commerce. Failure to meet payment obligations destroys the lifewire itself. The borrower must be reliable and must respect the obligation to pay, otherwise credit will eventually dry up.

The payment of taxes and other obligations is not a mere moral or civic duty. For the businessman, it is a demonstration of fidelity to the economy and the provision of resources for public infrastructure and services which all businesses need. You cannot be an entrepreneur in a free enterprise system and expect the system to continue to work effectively for your benefit when you are a tax dodger. Good public infrastructure and services are crucial to commerce and industry. Payment of taxes and obligations for the entrepreneur is a matter of self-interest; it isn’t a mere civic duty.

And this leads to the last point, which is the respect for the rule of law. This simply means complying strictly with the law of the land. The rules, the regulations, the conventions of the business environment in which you work. A strong governing structure from the day you begin your business, with a commitment to playing according to the rules. Many think that you can cut corners, so long as you are not caught. Only a fool thinks that he is smarter than everyone else. One day you will be found out, and then all the reputation, the wealth and the acclaim will come crashing.

Many of us have witnessed the collapse of some of the great business icons and the great business names around the world. And we know now that enduring success comes from a strong commitment to law and ethics. Respect for the law is not just a platitude; law and order is crucial for an orderly and peaceful environment. Business cannot thrive without rules and regulations.

Economies cannot develop without social entrepreneurship, but I will come to that also in a moment. Let me say that Tony Elumelu’s initiative goes beyond creating entrepreneurs. He has shown by this project that social entrepreneurs, that is creating opportunities for others using commercial methods and strategies is fundamental to development.

Africa has the largest number of the poor and unemployed per capita. This is a serious problem and we cannot run away from it, so it’s clear that economies cannot develop without social entrepreneurs. Businesses like governments must today support projects that offer opportunities for all. This is why I want to charge you all, in your own little ways to become like little Elumelus, doing your own bit to create opportunities for others. Africa indeed today stands ready to seize the future.

By Prof. Yemi Osinbajo GCFR,
Vice-President of the Federal Republic of Nigeria.