The International Monetary Fund (IMF) has appointed Tony O. Elumelu, CFR, the Founder and Group Chair of Heirs Holdings, to its newly established Advisory Council on Entrepreneurship and Growth.
The council, convened by IMF Managing Director Kristalina Georgieva, comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
Tony Elumelu, a globally recognized advocate for entrepreneurship, has played a pivotal role in empowering African entrepreneurs through his Tony Elumelu Foundation (TEF). Since 2015, TEF has funded, mentored, and trained over 25,000 African entrepreneurs, reinforcing Elumelu’s belief that entrepreneurship is the key driver of Africa’s economic transformation. His philosophy, Africapitalism, underscores the role of the private sector in fostering long-term investments that yield both social and economic value across the continent.
The Advisory Council on Entrepreneurship and Growth is tasked with recommending policies that enhance resource allocation, stimulate innovation, and drive sustainable, private sector-led economic growth. By leveraging the expertise of its distinguished members, the council aims to shape macroeconomic and financial policies that create a conducive environment for entrepreneurship and innovation worldwide.
In her remarks at the inaugural meeting of the council, Kristalina Georgieva highlighted the importance of private sector engagement in economic growth.
“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.”
Kristalina Georgieva
A Strong African Voice on the Global Stage
Elumelu’s inclusion in the council is a significant milestone, ensuring that Africa’s entrepreneurial potential remains at the forefront of global economic discussions. Africa, a continent with vast human and natural resources, has long struggled with structural economic challenges.
However, with strategic policies that support small and medium-sized enterprises (SMEs) and startups, the continent can unlock unprecedented economic growth.
Through TEF, Elumelu has demonstrated the power of entrepreneurship in driving job creation and economic empowerment. The foundation’s flagship TEF Entrepreneurship Programme, which provides seed funding, training, and mentorship to young African entrepreneurs, has had a ripple effect across multiple sectors, ranging from agriculture to technology. Elumelu’s hands-on experience with African entrepreneurs makes him an invaluable asset to the IMF’s Advisory Council.
Beyond his philanthropic endeavors, Elumelu has built a successful career in the private sector. As the Chairman of Heirs Holdings, the United Bank for Africa (UBA), and Transcorp, he has been instrumental in shaping the financial and energy landscapes in Africa. His deep understanding of the economic realities facing emerging markets will help inform the IMF’s policies on fostering entrepreneurship.
A Council of Global Economic Influencers
Elumelu joins a distinguished group of global economic influencers on the Advisory Council, including Professor Ufuk Akcigit of the University of Chicago; Saudi Ambassador to the United States, Ambassador Reema Bandar Al-Saud; 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.
The diversity of expertise within the council underscores the IMF’s commitment to fostering a global dialogue on entrepreneurship. By bringing together leaders from various sectors and regions, the council is well-positioned to address the unique challenges facing entrepreneurs across different economies.
Entrepreneurship has long been recognized as a catalyst for economic growth, job creation, and poverty reduction. However, many entrepreneurs, particularly in developing economies, struggle with limited access to capital, restrictive regulations, and inadequate infrastructure. The IMF’s Advisory Council aims to tackle these challenges by proposing policies that facilitate entrepreneurship-friendly environments.
For Africa, Elumelu’s participation in this council signals a shift toward increased recognition of the continent’s entrepreneurial potential. With the right support systems in place, African entrepreneurs can contribute significantly to global supply chains, technology advancements, and economic development.
As Elumelu takes on this new role, his vision for a thriving, self-sustaining Africa driven by entrepreneurship aligns with the IMF’s goal of fostering inclusive economic growth worldwide. His appointment is not only a recognition of his contributions but also an opportunity for Africa’s private sector to shape global economic policies that will benefit emerging markets.
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