Tony Elumelu Appointed to IMF Advisory Council on Entrepreneurship and Growth
The International Monetary Fund (IMF) has appointed Tony Elumelu, the Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, is tasked with identifying and addressing regulatory barriers to entrepreneurship while recommending policies to drive private sector-led economic growth.
Elumelu’s Role in Global Economic Policy
Tony Elumelu, who is also the Chairman of UBA Plc, is a well-known advocate for entrepreneurship in Africa. Through the Tony Elumelu Foundation (TEF), he has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. His Africapitalism philosophy promotes the idea that Africa’s private sector must take a leading role in economic development, making investments that yield both social and economic value.
According to the IMF’s official statement, Elumelu’s inclusion in the Advisory Council ensures that Africa’s entrepreneurial potential remains central to global economic policymaking.
IMF’s Advisory Council: Objectives and Key Members
The IMF Advisory Council on Entrepreneurship and Growth comprises global business leaders, policymakers, and academics dedicated to stimulating innovation and sustainable economic growth. The council will provide guidance on macroeconomic and financial policies that support entrepreneurship and productivity.
Notable Members of the IMF Advisory Council
| Name | Position | Organization |
|---|---|---|
| Tony Elumelu | Founder & Chairman | Heirs Holdings, UBA Plc |
| Marc Benioff | CEO & Co-Founder | Salesforce |
| Ana Botín | Executive Chair | Banco Santander |
| Natarajan Chandrasekaran | Chairman | Tata Group |
| Robert Smith | CEO & Chairman | Vista Equity Partners |
| Margherita Della Valle | CEO | Vodafone Group |
| Ufuk Akcigit | Harberger Professor of Economics | University of Chicago |
| HRH Ambassador Reema Bandar Al-Saud | Saudi Ambassador to the US | Saudi Government |
| Federico Sturzenegger | Minister of Deregulation & State Transformation | Argentina |
The council will meet every three months under Chatham House rules, providing insights to shape IMF’s analytical agenda and policy research.
IMF’s Focus on Entrepreneurship for Economic Growth
At the council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva highlighted the critical role of entrepreneurship and innovation in driving economic progress.
“The Council brings together leading thinkers and practitioners in business, finance, academia, and policymaking to share their views on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth,” Georgieva stated.
She further emphasized that declining productivity growth is a major factor behind the slow global economic outlook, making policy interventions essential for long-term economic stability.
Tony Elumelu’s Impact on Global Entrepreneurship
Elumelu’s appointment reinforces his position as a global leader in entrepreneurship advocacy. Through the Tony Elumelu Foundation, he has been instrumental in empowering young African entrepreneurs, providing funding, mentorship, and networking opportunities. His vision aligns with the IMF’s goal of fostering sustainable private-sector-led economic transformation worldwide.
The IMF Advisory Council on Entrepreneurship and Growth will play a key role in shaping global economic policies, ensuring that entrepreneurial innovation remains a priority in economic development strategies.
