IMF Appoints Elumelu to Boost Entrepreneurship Worldwide

Lagos, March 27, 2025 – Heirs Holdings Founder and Group Chair, Tony O. Elumelu, CFR, has been appointed by the International Monetary Fund (IMF) to its Advisory Council on Entrepreneurship and Growth, convened by IMF Managing Director, Kristalina Georgieva.

Elumelu, Africa’s leading advocate for entrepreneurship, has championed economic transformation through his foundation, which has funded, mentored, and trained over 25,000 African entrepreneurs since 2015. A self-made entrepreneur, Elumelu’s commitment to entrepreneurship aligns with his Africapitalism philosophy, which emphasizes the role of Africa’s private sector in driving long-term investments that create both social and economic value.

The Advisory Council consists of global business leaders, policymakers, and academics focused on removing regulatory barriers to entrepreneurship. Its mission is to propose policies that improve resource allocation, stimulate innovation, and foster sustainable private sector-led economic growth. Elumelu’s participation ensures that Africa’s entrepreneurial potential remains central to global economic policymaking.

Other members of the Council include: Professor Ufuk Akcigit (University of Chicago), HRH Ambassador Reema Bandar Al-Saud (Saudi Ambassador to the U.S.), Marc Benioff (Chair, CEO, and Co-Founder, Salesforce), Ana Botín (Executive Chair, Banco Santander), Natarajan Chandrasekaran (Chairman, Tata Group), Margherita Della Valle (Chief Executive, Vodafone Group), Robert Smith (Founder, Chairman, and CEO, Vista Equity Partners), and Federico Sturzenegger (Argentine Minister of Deregulation and State Transformation).

Speaking at the inaugural meeting of the Advisory Council on March 26, 2025, IMF Managing Director Kristalina 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.”