The International Monetary Fund (IMF) has named Nigerian billionaire and Chairman of Heirs Holdings, Tony Elumelu, as a member of its newly launched Advisory Council on Entrepreneurship and Growth. This council includes influential figures from business, academia, and government, tasked with identifying policy barriers and recommending strategies to support innovation and private sector development.

Africa’s Entrepreneurial Voice at the Global Table

Elumelu’s appointment brings African entrepreneurship into sharper focus at a global level. As founder of the Tony Elumelu Foundation, he has supported over 25,000 entrepreneurs across Africa since 2015, offering funding, mentorship, and capacity-building programs that have created thousands of jobs and businesses.

His selection signals the IMF’s growing recognition of the private sector’s role in driving inclusive and sustainable development, particularly across emerging economies.

Supporting Policy for Innovation and Growth

The IMF convened the advisory council to explore how governments and institutions can design macroeconomic and financial policies that foster entrepreneurship, create jobs, and boost productivity. The council will advise on how to build enabling environments that allow businesses to thrive, especially in economies facing structural challenges.

The initiative aligns with the IMF’s broader goal of building resilient economies by empowering the private sector and encouraging investment in innovation, skills, and digital infrastructure.

Africapitalism as a Development Framework

Elumelu brings to the council his core philosophy of Africapitalism—an approach that emphasizes private sector investment as a path to both economic growth and social impact. This concept promotes long-term local investment, encouraging African businesses to lead development efforts from within the continent.

His experience leading United Bank for Africa and Heirs Holdings gives him deep insight into both financial systems and grassroots enterprise development, making him well-positioned to contribute meaningfully to global policy conversations.

Shaping Future-Focused Policies

The council held its first meeting on March 26, setting the stage for ongoing collaboration with IMF leadership. Members will work collectively to recommend policies that promote a dynamic and inclusive global business environment. The aim is to ensure that governments adopt frameworks that enable startups, small businesses, and large enterprises alike to grow sustainably.

A Strategic Move for Africa and Emerging Markets

Elumelu’s appointment reflects the IMF’s increasing focus on integrating African voices into global economic discussions. His track record in entrepreneurship and economic empowerment will help spotlight the continent’s challenges and potential, influencing decisions that impact growth across the Global South.

His presence on the council reinforces the need to develop policies that support scalable, private-sector-led solutions for long-term development.