The International Monetary Fund (IMF) has appointed Tony Elumelu, the founder and chairman of Heirs Holdings, to its advisory council on entrepreneurship and economic growth.
This council, convened by IMF Managing Director Kristalina Georgieva, aims to identify and eliminate regulatory obstacles hindering entrepreneurship globally.
Elumelu’s appointment was announced in a statement on Friday, highlighting his extensive contributions to entrepreneurship, particularly in Africa.
The IMF advisory council consists of influential business leaders, policymakers, and academics who are tasked with developing policies that improve resource allocation, foster innovation, and drive sustainable private sector-led economic development.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments, that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking.”
Other prominent figures on the council include Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; Reema Bandar Al-Saud, Saudi Ambassador to the United States; Marc Benioff, CEO and Co-founder of Salesforce; and Ana Botín, Executive Chair of Banco Santander.
Additionally, the council includes Natarajan Chandrasekaran, Chairman of Tata Group; Margherita Della Valle, CEO of Vodafone Group; Robert Smith, CEO of Vista Equity Partners; and Federico Sturzenegger, Argentina’s Minister of Deregulation and State Transformation.
During the inaugural meeting of the council on March 26, Georgieva emphasized its role in shaping macroeconomic and financial policies that create an enabling environment for entrepreneurship and productivity.
She noted that innovation and private-sector growth are crucial for fostering strong economies worldwide.
