The International Monetary Fund (IMF) has appointed Tony Elumelu, Chairman of United Bank of Africa plc and founder of Heirs Holdings, to its Advisory Council on Entrepreneurship and Growth.
The council, created by IMF Managing Director Kristalina Georgieva, focuses on promoting innovation and economic growth worldwide.
Elumelu, a well-known advocate for entrepreneurship in Africa, has supported over 25,000 African entrepreneurs since 2015 through his foundation.
He evolved Africapitalism, a concept that stresses the importance of Africa’s private sector in driving the continent’s development.
Championing Entrepreneurship Globally
A statement described Elumelu as a “self-made entrepreneur” whose investments create both economic and social value.
The IMF Advisory Council includes top business leaders, policymakers, and academics dedicated to reducing barriers to entrepreneurship. It will propose policies to improve resource use, boost innovation, and encourage sustainable economic growth.
Kristalina Georgieva praised the council’s expertise, saying, “The Council brings together leading thinkers and practitioners to foster innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”
Elumelu joins a distinguished group that includes Salesforce CEO Marc Benioff, Saudi Ambassador Reema Bandar Al-Saud, Tata Group Chairman Natarajan Chandrasekaran, and Vodafone CEO Margherita Della Valle.
The council will focus on supporting private sector-led growth and tackling regulatory challenges.
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