Nigerian business leader Tony Elumelu, Founder and Group Chairman of Heirs Holdings, has been appointed to the International Monetary Fund (IMF) Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, brings together global business leaders, policymakers, and academics to shape policies that drive innovation, entrepreneurship, and sustainable economic growth.
A Champion for African Entrepreneurship
Elumelu, widely regarded as Africa’s foremost advocate for entrepreneurship, has empowered over 25,000 African entrepreneurs through the Tony Elumelu Foundation (TEF) since 2015. His economic philosophy, Africapitalism, emphasizes the critical role of Africa’s private sector in driving long-term development and social impact.
A statement from the IMF described him as a “self-made entrepreneur”, highlighting his commitment to removing regulatory barriers, improving resource allocation, and promoting private sector-led economic transformation.
A Seat Among Global Leaders
Elumelu joins an esteemed group of business and policy influencers on the IMF Advisory Council, including:
- Marc Benioff – Chair/CEO, Salesforce
- Ana Botín – Executive Chair, Banco Santander
- Natarajan Chandrasekaran – Chairman, Tata Group
- Margherita Della Valle – Chief Executive, Vodafone Group
- Robert Smith – Founder, Chairman, and CEO, Vista Equity Partners
- HRH Ambassador Reema Bandar Al-Saud – Saudi Ambassador to the U.S.
- Prof. Ufuk Akcigit – Harberger Professor of Economics, University of Chicago
- Federico Sturzenegger – Argentine Minister of Deregulation and State Transformation
IMF’s Vision for Entrepreneurship and Growth
At the inaugural meeting on March 26, 2025, Georgieva underscored the importance of the council in shaping macroeconomic and financial policies that foster a thriving private sector.
“The Council brings together 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 strong economic growth,” she stated.
A Milestone for Africa’s Business Landscape
Elumelu’s appointment signifies a major milestone for Africa’s entrepreneurial ecosystem, ensuring that African perspectives are included in global economic policymaking. His influence will help bridge the gap between policy and practice, unlocking new opportunities for business growth and economic transformation across the continent.
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