Heirs Holdings founder and group chair Tony Elumelu has been appointed to the International Monetary Fund’s (IMF) Advisory Council on Entrepreneurship and Growth.

The council, convened by IMF managing director Kristalina Georgieva, aims to address barriers to entrepreneurship and foster private sector-led economic growth globally.

Mr Elumelu, a leading advocate for African entrepreneurship, is renowned for his work through the Tony Elumelu Foundation, which has funded, mentored, and trained over 25,000 African entrepreneurs since 2015.

A self-made entrepreneur, he champions Africapitalism, the philosophy that Africa’s private sector must play a central role in the continent’s development by making long-term investments that deliver both social and economic value.

The advisory council is composed of distinguished global leaders from business, academia, and policymaking. It is tasked with identifying regulatory hurdles and recommending policies to enhance innovation, resource allocation, and sustainable growth.

Elumelu’s inclusion ensures that Africa’s entrepreneurial potential remains a focal point in shaping global economic policies.

Other prominent members of the council include Professor Ufuk Akcigit of the University of Chicago; Ambassador Reema Bandar Al-Saud, Saudi Arabia’s ambassador to the United States; Salesforce chair and co-founder Marc Benioff; Banco Santander executive chair Ana Botín; Tata Group chairman Natarajan Chandrasekaran; Vodafone Group CEO Margherita Della Valle; Vista Equity Partners founder and CEO Robert Smith, and Argentina minister of deregulation and state transformation Federico Sturzenegger.

At the council’s inaugural meeting on Wednesday, IMF managing director Kristalina Georgieva highlighted the importance of its work, saying “The Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth.”

Elumelu’s appointment reflects his commitment to empowering entrepreneurs and driving economic transformation across Africa and beyond.