The International Monetary Fund (IMF) has appointed Nigerian entrepreneur and philanthropist Tony Elumelu to its newly established Advisory Council on Entrepreneurship and Growth.
According to a report by Premium Times, the appointment was announced in an official statement released on Friday.
The council, convened by IMF Managing Director Kristalina Georgieva, brings together global business leaders, policymakers, and academics to advise on how macroeconomic and financial policies can foster entrepreneurship, innovation, and productivity.
Speaking at the Council’s inaugural meeting held on March 26, Ms. Georgieva stated:
“The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences 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.”
Mr. Elumelu, founder and group chairman of Heirs Holdings and chairman of Transcorp Group and United Bank for Africa (UBA), is widely recognized for his advocacy on entrepreneurship as a tool for economic transformation in Africa.
Since 2015, his Tony Elumelu Foundation has funded, trained, and mentored over 25,000 young African entrepreneurs across 54 countries, promoting his philosophy of “Africapitalism”—the belief that Africa’s private sector must play a central role in the continent’s development by making long-term investments that yield both economic and social benefits.
The IMF noted that the Advisory Council would help identify and address regulatory barriers that hinder entrepreneurship, particularly in emerging markets. It will also provide policy recommendations to improve resource allocation, stimulate private investment, and catalyze inclusive growth.
Other members of the Advisory Council include:
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Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago
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HRH Reema Bandar Al-Saud, Saudi Ambassador to the United States
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Marc Benioff, Chair, CEO, and Co-Founder of Salesforce
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Ana Botín, Executive Chair of Banco Santander
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Natarajan Chandrasekaran, Chairman of Tata Group
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Margherita Della Valle, Chief Executive of Vodafone Group
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Robert Smith, Founder and CEO of Vista Equity Partners
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Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation
Elumelu’s appointment comes at a time of increased engagement between the IMF and African economies. Over the past two years, the Fund has ramped up financial support and policy advisory services across the continent as many African nations grapple with inflation, currency depreciation, debt sustainability challenges, and the lingering effects of the COVID-19 pandemic and Russia’s war in Ukraine.
(This report was originally published by Premium Times.)
