Tony Elumelu appointed to IMF advisory council

• Published On: 29 March 2025 at 16:52

Tony O. Elumelu, CFR, the Founder and Group Chairman of Heirs Holdings, has been appointed by the International Monetary Fund to its newly formed Advisory Council on Entrepreneurship and Growth.

Kristalina Georgieva, Managing Director of the IMF, convenes the Council.

Elumelu, a strong supporter of entrepreneurship in Africa, has made significant contributions through his foundation, which has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. He emphasises entrepreneurship as a key driver of Africa's economic transformation.

As a self-made entrepreneur, Elumelu's commitment to entrepreneurship is consistent with his concept of Africapitalism, which holds that Africa's private sector can play a critical role in the continent's development by making long-term investments that create both social and economic value.

The Advisory Council is made up of a diverse group of global business leaders, policymakers, and academics who are all committed to identifying and removing regulatory barriers to entrepreneurship.

The group's mission is to recommend policies that improve resource allocation, promote innovation, and drive long-term, private-sector-led economic growth. Elumelu's participation will ensure that Africa's entrepreneurial potential remains a top priority in global economic policymaking.

Members of the Council include Professor Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the U.S.; 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; and Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners.

At the first meeting of the Advisory Council on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasised the importance of the Council's work, stating, "The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views on how macroeconomic and financial policies can create a supportive environment for innovation, entrepreneurship, and productivity—vital elements for a thriving