IMF Names Tony Elumelu as Member of Global Advisory Panel
The International Monetary Fund (IMF) has appointed Nigerian entrepreneur and philanthropist Tony Elumelu to its newly formed Advisory Council on Entrepreneurship and Growth. This announcement was made in an official statement on Friday.
A Council for Innovation and Growth
IMF Managing Director Kristalina Georgieva established the council to bring together business leaders, policymakers, and academics. Their goal is to provide insights on how financial and economic policies can support entrepreneurship, drive innovation, and boost productivity.
At the council’s first meeting on March 26, Georgieva highlighted its importance. She stated that the group would help create an environment where businesses can thrive, ultimately leading to stronger economic growth.
Tony Elumelu’s Role and Impact
Elumelu, the founder and chairman of Heirs Holdings, Transcorp Group, and United Bank for Africa (UBA), is known for his dedication to entrepreneurship as a driver of economic transformation in Africa. Since 2015, his Tony Elumelu Foundation has supported over 25,000 young African entrepreneurs across 54 countries. His philosophy, “Africapitalism,” promotes long-term investments that generate both economic and social benefits.
The IMF noted that the council would identify challenges limiting entrepreneurship, particularly in emerging markets. It will also suggest policies to improve investment opportunities, encourage private sector growth, and promote inclusive development.
Global Leaders on the Advisory Panel
Elumelu joins an impressive lineup of global figures on the panel, including:
- Ufuk Akcigit, Economics Professor at the University of Chicago
- HRH Reema Bandar Al-Saud, Saudi Ambassador to the U.S.
- Marc Benioff, Chair and CEO of Salesforce
- Ana Botín, Executive Chair of Banco Santander
- Natarajan Chandrasekaran, Chairman of Tata Group
- Margherita Della Valle, CEO of Vodafone Group
- Robert Smith, Founder of Vista Equity Partners
- Federico Sturzenegger, Argentine Minister of Deregulation
Strengthening IMF’s Ties with Africa
Elumelu’s appointment comes at a crucial time as the IMF deepens its engagement with African economies. Over the past two years, the fund has increased financial support and policy guidance across the continent. Many countries are facing challenges like inflation, currency devaluation, and debt concerns, worsened by the COVID-19 pandemic and global conflicts.
With this new role, Elumelu is set to influence policies that can reshape entrepreneurship, not just in Africa, but worldwide. His leadership in the private sector, combined with his passion for economic empowerment, makes him a valuable voice in this global conversation.
