IMF Appoints Tony Elumelu to Advisory Council on Entrepreneurship and Growth
The International Monetary Fund (IMF) has appointed Tony Elumelu, the Founder and Group Chairman of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, aims to address regulatory challenges hindering entrepreneurship and propose policies that drive innovation and sustainable private-sector growth.
The announcement was made in a statement released on Thursday, March 27, 2025. Elumelu, who is also the Chairman of UBA Plc, has been a leading advocate for entrepreneurship in Africa. Through the Tony Elumelu Foundation (TEF), he has mentored and funded over 25,000 African entrepreneurs since 2015, promoting Africapitalism—his philosophy that Africa’s private sector must lead the continent’s economic development.
IMF’s Vision for the Advisory Council
Speaking at the council’s inaugural meeting on Wednesday, March 26, 2025, Georgieva emphasized the role of macroeconomic and financial policies in fostering entrepreneurship and economic productivity. She highlighted that the council brings together business leaders, policymakers, and academics to provide insights on creating a more supportive environment for private-sector growth.
“The medium-term outlook for global economic growth is at its lowest in several decades,” Georgieva noted. “Much of the slowdown can be attributed to declining productivity growth.”
The Advisory Council includes high-profile figures such as:
- Marc Benioff (CEO & Co-Founder, Salesforce)
- Ana Botín (Executive Chair, Banco Santander)
- Natarajan Chandrasekaran (Chairman, Tata Group)
- Robert Smith (Founder & CEO, Vista Equity Partners)
- Margherita Della Valle (CEO, Vodafone Group)
- HRH Ambassador Reema Bandar Al-Saud (Saudi Ambassador to the U.S.)
The council is set to meet every three months, with discussions informing the IMF’s research and policy direction aimed at boosting global economic growth through entrepreneurship.
