The International Monetary Fund (IMF) has appointed Nigerian entrepreneur and philanthropist Tony Elumelu to its newly established Advisory Council on Entrepreneurship and Growth. The announcement was made in an official statement released on Friday.
Convened by IMF Managing Director Kristalina Georgieva, the council aims to provide strategic guidance on how macroeconomic and financial policies can foster entrepreneurship, innovation, and long-term productivity.
The council brings together an elite group of global business leaders, policymakers, and academics committed to shaping inclusive and resilient economic ecosystems.
Speaking at the council’s inaugural meeting on March 26, Georgieva emphasized the importance of supporting the private sector as a driver of growth. “The Council brings together a group of leading thinkers and practitioners... to share their views on how policies can provide a supportive environment for innovation, entrepreneurship, and productivity,” she said.
Elumelu’s appointment highlights Nigeria’s growing voice in global economic discourse and further solidifies his reputation as a champion for entrepreneurship in Africa.
Mr Elumelu, founder and group chairman of Heirs Holdings and chairman of Transcorp Group and United Bank for Africa (UBA), is widely recognised for his advocacy on entrepreneurship as a tool for economic transformation in Africa.
Since 2015, his Tony Elumelu Foundation has funded, trained and mentored over 25,000 young African entrepreneurs across 54 countries, promoting his philosophy of “Africapitalism”—a belief that the African private sector must play a central role in the continent’s development by making long-term investments that deliver both economic and social returns.