The International Monetary Fund (IMF) has appointed Tony Elumelu, founder and group chairman of Heirs Holdings, to its prestigious Advisory Council on Entrepreneurship and Growth, a body convened by Kristalina Georgieva, the IMF managing director. Elumelu’s appointment was announced in a statement released by the IMF on Friday.
The IMF’s Advisory Council brings together a diverse group of global business leaders, policymakers, and academics with the mission to identify and address regulatory barriers hindering entrepreneurship. The council’s primary objective is to recommend policies that enhance resource allocation, stimulate innovation, and drive sustainable, private sector-led economic growth worldwide.
Elumelu, a prominent advocate for entrepreneurship in Africa, has long championed the role of entrepreneurship in transforming economies. As the founder of the Tony Elumelu Foundation, which has mentored and trained over 25,000 African entrepreneurs since its inception in 2015, he has become a leading figure in promoting the concept of Africapitalism—the belief that Africa’s private sector must play a central role in the continent’s development through long-term investments that deliver both social and economic value.
In the statement, the IMF highlighted Elumelu’s significant contributions to Africa’s entrepreneurial ecosystem, noting that he will be instrumental in ensuring that Africa’s entrepreneurial potential is represented in global economic policymaking. “Elumelu’s embrace of entrepreneurship is fundamental to his concept of Africapitalism, making him an ideal member of the council,” the statement read.
The Advisory Council includes a distinguished roster of global leaders such as Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chairman and CEO of Salesforce; and Ana Botín, Executive Chair of Banco Santander. Other notable members include Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, CEO of Vodafone Group; Robert Smith, Founder and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
At the inaugural meeting of the Advisory Council on March 26, Kristalina Georgieva stated that the council will provide a forum for leading thinkers and practitioners from business, finance, academia, and policymaking to discuss how macroeconomic and financial policies can foster an environment conducive to innovation, entrepreneurship, and productivity—critical elements for a thriving private sector and robust economic growth.
Elumelu’s appointment to the IMF Advisory Council underscores his continued influence in global economic discussions, particularly in fostering entrepreneurship and private sector growth in Africa.
