A Champion of African Entrepreneurship
Elumelu, widely recognized as Africa’s foremost advocate for entrepreneurship, has been instrumental in empowering the continent’s emerging business leaders. Through his Tony Elumelu Foundation (TEF), he has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, demonstrating his belief in the transformative power of entrepreneurship to drive economic progress.
His philosophy, Africapitalism, underscores his conviction that Africa’s private sector must take the lead in the continent’s economic development. By advocating for long-term, impact-driven investments, he has continuously championed policies that create both economic and social value, ensuring that businesses play a crucial role in shaping Africa’s future.
The Role of the IMF Advisory Council
The IMF Advisory Council on Entrepreneurship and Growth is tasked with identifying and addressing regulatory challenges that hinder entrepreneurship. The council’s primary objectives include:
- Developing policy recommendations to enhance resource allocation.
- Encouraging innovation to drive business growth.
- Catalyzing private sector-led economic expansion on a global scale.
Elumelu’s appointment to the council ensures that Africa’s entrepreneurial landscape remains a central focus in global economic policymaking. His expertise will be invaluable in advocating for policies that empower small businesses, improve access to capital, and foster a thriving startup ecosystem across Africa and beyond.
Global Business Leaders on the Council
Elumelu joins a distinguished group of global figures who will contribute their insights to the council. Notable members include:
- Professor Ufuk Akcigit – Harberger Professor of Economics, University of Chicago.
- HRH Ambassador Reema Bandar Al-Saud – Saudi Ambassador to the United States.
- Mr. Marc Benioff – Chair, CEO, and Co-Founder of Salesforce.
- Ms. Ana Botín – Executive Chair, Banco Santander.
- Mr. Natarajan Chandrasekaran – Chairman, Tata Group.
- Ms. Margherita Della Valle – Chief Executive, Vodafone Group.
- Mr. Robert Smith – Founder, Chairman, and CEO, Vista Equity Partners.
- Mr. Federico Sturzenegger – Argentine Minister of Deregulation and State Transformation.
IMF’s Vision for Economic Growth
During the council’s inaugural meeting on March 26, 2025, IMF Managing Director Kristalina Georgieva emphasized the importance of entrepreneurship in shaping global economic policy.
“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.”
A Milestone for Africa’s Business Landscape
Elumelu’s inclusion in this high-level council is a significant milestone for Africa’s entrepreneurial community. His advocacy ensures that Africa’s emerging business leaders and startups remain part of critical global economic discussions. With his vast experience in banking, energy, and investment, Elumelu is set to contribute policy-shaping insights that will not only benefit Africa but also contribute to a more inclusive global economic framework.
By taking on this role, Elumelu continues to cement his legacy as a visionary leader, ensuring that entrepreneurship remains at the heart of Africa’s economic transformation.