March 29, 2025
The International Monetary Fund (IMF) has appointed Nigerian billionaire and Chairman of Heirs Holdings, Tony Elumelu, to its newly formed Advisory Council on Entrepreneurship and Growth. The council, convened by IMF Managing Director Kristalina Georgieva, aims to tackle regulatory hurdles stifling entrepreneurship worldwide.
A Global Platform for Africa’s Entrepreneurial Voice
The IMF announced Elumelu’s inclusion in a statement on Friday, highlighting his role in ensuring Africa’s entrepreneurial potential shapes global economic policymaking. The council comprises prominent business leaders, policymakers, and academics focused on fostering innovation and private-sector growth.
Elumelu, founder of the Tony Elumelu Foundation (TEF), has empowered over 25,000 African entrepreneurs since 2015 through funding, mentorship, and training. The IMF noted his advocacy for “Africapitalism”—a philosophy that positions Africa’s private sector as the driver of sustainable development through long-term investments.
Why Elumelu’s Appointment Matters
- Bridging Policy and Practice: Elumelu’s firsthand experience in building businesses (including United Bank for Africa and Transcorp) equips him to advise on policies that spur entrepreneurship.
- Focus on Africa: His presence ensures the continent’s unique challenges such as access to capital and infrastructure gaps are addressed in IMF-led initiatives.
- Global Recognition: The appointment reinforces Africa’s growing influence in shaping international economic agendas.
IMF’s Vision for Entrepreneurship
At the council’s inaugural meeting on March 26, Georgieva emphasized the need for macroeconomic policies that foster innovation and productivity:
“Our advisors will help identify how financial and regulatory frameworks can create a supportive environment for entrepreneurship, a cornerstone of strong economies.”
The announcement has drawn applause from African business leaders, with many hailing it as a step toward inclusive global policymaking. Elumelu is expected to leverage his network, including the TEF alumni ecosystem, to provide grassroots insights to the IMF.
The council will convene regularly to draft policy recommendations, with Elumelu championing reforms to unlock Africa’s entrepreneurial potential.
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Source: IMF Official Statement, BusinessDay, The Guardian Nigeria.
