The International Monetary Fund (IMF) has appointed Nigerian business leader, Tony Elumelu, to its Advisory Council on Entrepreneurship and Growth, a global body tasked with shaping policies to enhance entrepreneurship and economic development.
Elumelu, the Founder and Group Chairman of Heirs Holdings, joins other distinguished global business leaders, policymakers, and academics on the council, which was convened by IMF Managing Director Kristalina Georgieva.
The appointment, announced in a statement on Friday, underscores Elumelu’s longstanding advocacy for entrepreneurship as a driver of economic transformation in Africa. Through the Tony Elumelu Foundation (TEF), he has funded, mentored, and trained over 25,000 African entrepreneurs since 2015.
“Elumelu’s concept of Africapitalism, which promotes private sector-led development, aligns with the IMF’s mission to stimulate innovation and sustainable economic growth,” the statement noted.
The Advisory Council’s mandate includes identifying regulatory barriers to entrepreneurship and proposing policies that enhance resource allocation, innovation, and private sector-led economic expansion.
Other notable members of the IMF Advisory Council include:
• Ufuk Akcigit, Professor of Economics, University of Chicago
• HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the U.S.
• Marc Benioff, Chair, CEO, and Co-Founder, Salesforce
• Ana Botín, Executive Chair, Banco Santander
• Natarajan Chandrasekaran, Chairman, Tata Group
• Margherita Della Valle, Chief Executive, Vodafone Group
• Robert Smith, Founder, Chairman & CEO, Vista Equity Partners
• Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation
At the inaugural meeting of the Advisory Council on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the role of macroeconomic and financial policies in fostering a supportive environment for entrepreneurship, innovation, and private sector growth.
“The Council brings together leading thinkers and practitioners in business, finance, academia, and policymaking to share their experiences on how policies can drive economic progress,” Georgieva stated.
Elumelu’s inclusion in the high-level advisory body is expected to strengthen Africa’s voice in global economic policymaking, ensuring that entrepreneurial potential across the continent is harnessed for sustainable development.
