The International Monetary Fund (IMF) has appointed Tony Elumelu to its newly established Advisory Council on Entrepreneurship and Growth.
The council, convened by IMF Managing Director Kristalina Georgieva, aims to drive policies that foster innovation and sustainable private-sector-led economic growth.
Elumelu is the founder and chairman of Heirs Holdings, and his appointment was announced in an official statement on Friday.
The advisory council comprises global business leaders, policymakers, and academics committed to identifying and addressing regulatory barriers that hinder entrepreneurship.
According to the IMF, the council is tasked with recommending policies that enhance resource allocation, stimulate innovation, and support economic development.
“Elumelu, Africa’s foremost advocate for entrepreneurship, has been instrumental in empowering over 25,000 African entrepreneurs through his foundation since 2015. He champions entrepreneurship as a key driver of Africa’s economic transformation,” the statement read.
“A self-made entrepreneur, Elumelu’s philosophy of Africapitalism underscores his belief that Africa’s private sector must take a leading role in driving development through long-term investments that generate both social and economic value”
The statement further emphasized that Elumelu’s inclusion in the council will help ensure that Africa’s entrepreneurial potential remains a key consideration in global economic policymaking.
Other distinguished members of the council include Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chair, CEO, and Co-founder of Salesforce; and Ana Botín, Executive Chair at Banco Santander.
Additional 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, Argentina’s Minister of Deregulation and State Transformation.
During the council’s inaugural meeting on March 26, Georgieva highlighted its mission, stating that it brings together leading experts from business, finance, academia, and policymaking to explore how macroeconomic and financial policies can create an enabling environment for innovation, entrepreneurship, and productivity—critical elements for a robust private sector and sustained economic growth.
