The International Monetary Fund (IMF) has appointed Nigerian entrepreneur and philanthropist Tony Elumelu to its newly formed Advisory Council on Entrepreneurship and Growth.
This appointment was officially announced on Friday.
The council, convened by IMF Managing Director Kristalina Georgieva, gathers global leaders from business, policy, and academia to advise on how macroeconomic and financial policies can foster an environment conducive to entrepreneurship, innovation, and productivity.
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Georgieva emphasized that the council aims to share insights on how policies can support innovation, entrepreneurship, and productivity, which are essential for a robust private sector and strong economic growth.
Elumelu, known for his advocacy of entrepreneurship as a driver of African economic transformation, is the founder and group chairman of Heirs Holdings and chairman of Transcorp Group and United Bank for Africa (UBA).
His Tony Elumelu Foundation has supported over 25,000 young African entrepreneurs across 54 countries since 2015, promoting his “Africapitalism” philosophy, which advocates for the African private sector’s role in the continent’s development.
The IMF stated that the council will help identify and remove regulatory obstacles to entrepreneurial activity, particularly in emerging markets, and develop policy recommendations to enhance resource allocation, stimulate private investment, and promote inclusive growth.
Other council members include prominent figures such as Ufuk Akcigit, HRH Reema Bandar Al-Saud, Marc Benioff, Ana BotÃn, Natarajan Chandrasekaran, Margherita Della Valle, Robert Smith, and Federico Sturzenegger.
Elumelu’s appointment coincides with increased engagement between the IMF and African economies, as the fund has expanded its financial support and policy guidance across the continent amid economic challenges.
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