Nigerian billionaire and philanthropist Tony Elumelu has been appointed to the International Monetary Fund’s (IMF) Advisory Council on Entrepreneurship and Growth, a new high-level group designed to help shape policies that foster global economic development through private sector-led growth.
The announcement cements Elumelu’s growing stature as a global economic influencer and places an African voice at the heart of the IMF’s evolving development agenda.
Global thinkers to drive innovation and reform
Established by IMF Managing Director Kristalina Georgieva, the council brings together a diverse group of international experts to advise on strategies that promote entrepreneurship, unlock innovation, and boost sustainable economic growth in the IMF’s 191 member countries.
Elumelu joins eight other global leaders, including:
- Professor Ufuk Akcigit (University of Chicago)
- HRH Ambassador Reema Bandar Al-Saud (Saudi Arabia)
- Marc Benioff, CEO of Salesforce
The council will meet quarterly under Chatham House rules, providing a confidential space for open and strategic discussions.
Driving private sector-led economic transformation
At the heart of the council’s mission is a commitment to identifying and addressing regulatory and financial barriers that stifle entrepreneurship and innovation. As Founder and Chairman of Heirs Holdings and Chairman of United Bank for Africa (UBA), Elumelu brings years of experience building successful businesses across banking, energy, and healthcare sectors.
His role on the council is expected to focus on crafting policy recommendations that ensure better resource allocation, catalyse innovation, and foster inclusive, long-term economic growth.
A voice for Africa’s entrepreneurs
Elumelu’s appointment also reflects his track record as a leading advocate for entrepreneurship in Africa. Through the Tony Elumelu Foundation, launched in 2015, he has empowered over 25,000 African entrepreneurs with mentorship, funding and training—demonstrating a deep belief in Africa’s capacity for self-driven economic transformation.
In recent remarks, Elumelu stated: ‘Africa is brimming with talent and potential. We just need the right environment to unlock it.’ His seat at the IMF table now gives him greater leverage to help shape that environment.
Billionaire with a purpose
Elumelu’s influence goes beyond philanthropy. With an estimated net worth of $2.15bn, according to MoneyCentral, his investments through Heirs Holdings span key sectors critical to Africa’s development—from power generation to insurance.
As the IMF looks to build resilient, inclusive economies in a post-pandemic world, Elumelu’s appointment signals a shift towards more practical, entrepreneur-led strategies in tackling global economic challenges.
Global impact, African lens
Tony Elumelu’s elevation to the IMF advisory council not only enhances his personal global profile but positions Africa’s private sector at the heart of international policy debates. With his deep understanding of the continent’s challenges and potential, he is uniquely placed to offer insights that bridge local realities with global priorities.
His appointment marks a meaningful step toward a more inclusive and representative global economic order—one where African entrepreneurs help shape the rules, not just follow them. (Africabriefing)
