The International Monetary Fund (IMF) has appointed Tony Elumelu, Founder and Group Chairman of Heirs Holdings, as a member of its Advisory Council on Entrepreneurship and Growth. The council, established by IMF Managing Director Kristalina Georgieva, is tasked with fostering global economic development through entrepreneurship.
Elumelu’s appointment was officially announced in a statement on Friday.
The IMF’s Advisory Council consists of prominent business figures, policymakers, and scholars committed to removing obstacles to entrepreneurship. Their role is to advise on policies that enhance economic resource distribution, encourage innovation, and drive sustainable growth led by the private sector.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement noted.
A self-made businessman, Elumelu is widely recognized for his philosophy of Africapitalism, which underscores the critical role of Africa’s private sector in driving long-term investment and economic development while also creating social impact.
The IMF highlighted that Elumelu’s expertise would be crucial in ensuring that Africa’s entrepreneurial landscape remains a focal point in global economic discussions.
Other distinguished members of the Advisory Council 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
Ms. Margherita Della Valle, Chief Executive of Vodafone Group
Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners
Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation
During the council’s inaugural meeting on March 26, 2025, Kristalina Georgieva emphasized the importance of fostering a business-friendly environment to stimulate economic growth.
“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,” Georgieva stated.
With Elumelu’s appointment, Africa’s entrepreneurial potential is expected to receive greater attention in shaping global economic policies.
