By Emmanuel Nduka
Tony Elumelu, a prominent Nigerian entrepreneur and philanthropist, has been appointed to the International Monetary Fund’s (IMF) newly established Advisory Council on Entrepreneurship and Growth.
The announcement was made in an official statement on Friday.
The council, which aims to foster a supportive environment for entrepreneurship, innovation, and productivity, is led by IMF Managing Director Kristalina Georgieva.
It brings together influential leaders from the business, academic, and policy sectors to offer insights on how macroeconomic and financial policies can drive economic growth by promoting entrepreneurial activity.
“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,” said Georgieva during the council’s inaugural meeting on March 26.
Elumelu, who is the founder and group chairman of Heirs Holdings, as well as the chairman of Transcorp Group and United Bank for Africa (UBA), has long been a staunch advocate of entrepreneurship as a vehicle for economic transformation in Africa.
His foundation, the Tony Elumelu Foundation, has empowered over 25,000 young African entrepreneurs across 54 countries since 2015. Through his philosophy of “Africapitalism,” Elumelu champions the idea that Africa’s private sector must take a central role in the continent’s development by making sustainable investments that create both economic and social value.
Elumelu’s appointment underscores his commitment to Africa’s economic progress. “Africapitalism means 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,” he has previously stated.
The IMF’s Advisory Council will focus on identifying regulatory challenges that hinder entrepreneurship, particularly in emerging markets, while also formulating policy recommendations to enhance resource allocation and stimulate private investment.
Other prominent figures appointed to the council include Marc Benioff, CEO of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; and HRH Reema Bandar Al-Saud, Saudi Ambassador to the United States, among others.
The council’s efforts come at a time when the IMF is ramping up its support for African economies facing inflation, currency depreciation, debt sustainability issues, and the impacts of global crises such as the COVID-19 pandemic and the ongoing war in Ukraine.
Elumelu’s appointment highlights his growing global influence and further underscores his commitment to fostering economic growth through entrepreneurship and innovation in Africa.
