IMF appoints Tony Elumelu to global advisory council

The International Monetary Fund (IMF) has appointed Nigerian entrepreneur and philanthropist Tony Elumelu to its newly established Advisory Council on Entrepreneurship and Growth.

The appointment was disclosed in an official statement issued on Friday.

The council, convened by IMF Managing Director Kristalina Georgieva, brings together global business leaders, policymakers and academics to advise on how macroeconomic and financial policies can create a more enabling environment for entrepreneurship, innovation and productivity.

“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,” Ms Georgieva said at the Council’s inaugural meeting held on 26 March.

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.

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The IMF said the council would help identify and address regulatory barriers that hinder entrepreneurial activity, especially in emerging markets. It will also develop policy recommendations to enhance resource allocation, stimulate private investment and catalyse inclusive growth.

Other members of the advisory council include Ufuk Akcigit, Harberger Professor of Economics at the University of Chicago; HRH Reema Bandar Al-Saud, Saudi Ambassador to the United States; 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 and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.

Mr Elumelu’s appointment comes amid heightened engagement between the IMF and African economies.

Over the past two years, the fund has scaled up financial support and policy advice across the continent as countries grapple with high inflation, weakening currencies, debt sustainability challenges and the lingering effects of the COVID-19 pandemic and Russia’s war in Ukraine.