Tony Elumelu Joins IMF Advisory Council on Entrepreneurship and Growth

Tony O. Elumelu, CFR, Founder and Group Chairman of Heirs Holdings, has been appointed to the International Monetary Fund’s (IMF) Advisory Council on Entrepreneurship and Growth. This council, convened by IMF Managing Director Kristalina Georgieva, aims to identify and address regulatory barriers to entrepreneurship, recommend policies to enhance resource allocation, and drive sustainable private sector-led economic growth.

Elumelu is renowned for his advocacy of entrepreneurship as a catalyst for Africa’s economic transformation. Since 2015, his Tony Elumelu Foundation has funded, mentored, and trained over 25,000 African entrepreneurs, promoting his philosophy of Africapitalism—the belief that the private sector can drive Africa’s development through long-term investments that create both economic and social value.

The Advisory Council comprises distinguished global business leaders, policymakers, and academics dedicated to fostering innovation and productivity. Members include Professor Ufuk Akcigit of 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, Argentine Minister of Deregulation and State Transformation.

At the council’s inaugural meeting on March 26, 2025, Kristalina Georgieva emphasized the importance of creating a supportive environment for innovation and entrepreneurship, stating, “The Council brings together a group of leading thinkers and practitioners… 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 underscores the growing recognition of Africa’s entrepreneurial potential in global economic policymaking. His participation is expected to bring valuable insights into fostering innovation and removing barriers to entrepreneurship, particularly within emerging markets.