The International Monetary Fund (IMF) has appointed Tony O. Elumelu, Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. The council, led by IMF Managing Director Kristalina Georgieva, aims to promote policies that support entrepreneurship and economic growth.
Elumelu, a strong advocate for entrepreneurship in Africa, has played a key role in supporting businesses across the continent. Through his foundation, he has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. He believes in Africapitalism—a vision where the private sector drives Africa’s economic transformation through long-term investments that benefit both society and businesses.
The IMF Advisory Council is made up of global business leaders, policymakers, and academics. Its goal is to identify and remove barriers to entrepreneurship, improve resource allocation, and encourage private-sector-led economic growth. By joining the council, Elumelu will ensure that Africa’s entrepreneurial potential remains a focus in global economic discussions.
Other notable members of the council include University of Chicago Professor Ufuk Akcigit, Saudi Ambassador Reema Bandar Al-Saud, Salesforce Co-Founder Marc Benioff, Banco Santander Chair Ana Botín, Tata Group Chairman Natarajan Chandrasekaran, Vodafone CEO Margherita Della Valle, Vista Equity Partners CEO Robert Smith, and Argentine Minister Federico Sturzenegger.
Speaking at the council’s inaugural meeting on March 26, 2025, Georgieva highlighted the importance of entrepreneurship in driving economic growth. She stated that the council brings together experts from business, finance, academia, and policymaking to shape policies that foster innovation, productivity, and a thriving private sector.
Elumelu’s inclusion in the IMF council is seen as a major step in strengthening Africa’s role in global economic policymaking. His experience in business and his dedication to entrepreneurship will help shape policies that benefit entrepreneurs worldwide.
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