Yemi Obafemi
The Advisory Council of the IMF comprises global business leaders, policymakers, and academics, dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The International Monetary Fund (IMF) has named Tony Elumelu, Founder and Group Chairman of Heirs Holdings, as a member of its Advisory Council on Entrepreneurship and Growth, established by IMF Managing Director Kristalina Georgieva.
In a statement the IMF recognized Tony Elumelu as a leading advocate for entrepreneurship in Africa, highlighting his role in fostering economic growth through private sector investment.
The IMF noted that Elumelu’s influence would be crucial in ensuring that Africa’s entrepreneurial potential remains central to global economic policymaking, reinforcing the importance of private sector-led growth in addressing the continent’s economic challenges.
The statement reads: “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.
“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.”
During the first meeting of the Advisory Council on Wednesday, March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the council’s role in uniting top experts from business, finance, academia, and policymaking. She highlighted that their insights and experiences would help shape macroeconomic and financial policies that foster innovation, entrepreneurship, and productivity—essential drivers of a strong private sector and sustainable economic growth.
The Advisory Council also includes distinguished members such as Professor Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the United States; 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; Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentina’s Minister of Deregulation and State Transformation.
