The International Monetary Fund (IMF) has appointed Tony O. Elumelu, the Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. This council, established by IMF Managing Director Kristalina Georgieva, unites global business leaders, policymakers, and scholars to identify regulatory challenges hindering entrepreneurship and propose policies that foster innovation and sustainable economic expansion.
Elumelu, a prominent advocate for entrepreneurship in Africa, has been at the forefront of promoting private-sector-led economic development. Through the Tony Elumelu Foundation, he has supported over 25,000 African entrepreneurs since 2015, providing them with funding, mentorship, and training. His concept of Africapitalism—prioritizing long-term investments that create both economic prosperity and social impact—aligns with the council’s objective of crafting policies that optimize resource distribution and stimulate innovation.
The Advisory Council comprises esteemed figures such as Professor Ufuk Akcigit of the University of Chicago, Saudi Ambassador to the U.S. Reema Bandar Al-Saud, Salesforce CEO Marc Benioff, Banco Santander Executive Chair Ana Botín, Tata Group Chairman Natarajan Chandrasekaran, Vodafone Group CEO Margherita Della Valle, Vista Equity Partners CEO Robert Smith, and Argentina’s Minister of Deregulation Federico Sturzenegger.
During the council’s inaugural meeting on March 26, 2025, Georgieva underscored the critical need to advance entrepreneurship and productivity through sound macroeconomic and financial policies. Elumelu’s inclusion in the council highlights Africa’s growing influence in shaping global economic strategies, ensuring that African entrepreneurs play a key role in discussions on investment, innovation, and sustainable development.
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