Lagos, March 27, 2025 – The International Monetary Fund (IMF) has appointed Heirs Holdings Founder and Group Chairman, Tony O. Elumelu, CFR, to its newly established Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, is tasked with formulating policies to foster innovation, enhance resource allocation, and drive sustainable private sector-led economic growth globally.
Elumelu, widely regarded as Africa’s foremost advocate for entrepreneurship, has been instrumental in supporting and empowering African entrepreneurs through his philanthropic initiative, the Tony Elumelu Foundation (TEF). Since 2015, the foundation has funded, mentored, and trained over 25,000 entrepreneurs across the continent, underscoring Elumelu’s commitment to leveraging entrepreneurship as a catalyst for Africa’s economic transformation. His philosophy of Africapitalism—a belief in the pivotal role of Africa’s private sector in the continent’s development through long-term investments that create both social and economic value—aligns with the objectives of the IMF Advisory Council.
The Advisory Council comprises distinguished global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship. Other notable members include Professor Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, Chair, CEO, and Co-Founder of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, Chief Executive of Vodafone Group; Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentina’s Minister of Deregulation and State Transformation.
Speaking at the council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the importance of a conducive macroeconomic and financial policy environment in fostering entrepreneurship and productivity. She stated, “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”
Elumelu’s inclusion in this high-level council reinforces the global recognition of his efforts to promote entrepreneurship as a driver of economic transformation. His contributions are expected to ensure that Africa’s entrepreneurial landscape remains a focal point in shaping international economic policies.
