Billionaire businessman and Heirs Holdings chairman, Tony Elumelu, CFR, has been named to the International Monetary Fund’s (IMF) Advisory Council on Entrepreneurship and Growth.
The council, established by IMF Managing Director Kristalina Georgieva, is tasked with shaping global policies that drive innovation and economic expansion.
Elumelu’s appointment places Africa’s entrepreneurial ambitions at the centre of high-level economic discussions.
A fierce advocate for entrepreneurship, he has long led private sector-led development across the continent. Through his Tony Elumelu Foundation, over 25,000 African entrepreneurs have received funding, mentorship, and training since 2015.
His philosophy of Africapitalism—the belief that Africa’s private sector must spearhead the continent’s transformation—aligns closely with the council’s objectives.
The IMF Advisory Council is a heavyweight gathering of business leaders, policymakers, and academics. Members include Salesforce co-founder Marc Benioff, Vodafone Group CEO Margherita Della Valle, Tata Group chairman Natarajan Chandrasekaran, and Vista Equity Partners CEO Robert Smith.
Others on the list are Argentine Minister of Deregulation and State Transformation Federico Sturzenegger, University of Chicago economist Ufuk Akcigit, Saudi Ambassador to the U.S. Reema Bandar Al-Saud, and Banco Santander’s executive chair Ana Botín.
Speaking at the council’s inaugural meeting on 26 March 2025, Kristalina Georgieva said: “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.”
For Elumelu, this will help push Africa’s business agenda globally. His influence, combined with his deep-rooted belief in sustainable investment, will ensure discussions on removing barriers to entrepreneurship.
