- Tony Elumelu has been appointed to the International Monetary Fund’s advisory council on entrepreneurship and growth
- Elumelu was appointed due to his entrepreneurial pedigree
- Members of the Council are to enact policies that provide a supportive environment for innovation, entrepreneurship, and productivity
The International Monetary Fund (IMF) has appointed the founder and Group Chairman, Heirs Holdings and United Bank for Africa (UBA), Tony Elumelu, to its Advisory Council on Entrepreneurship and Growth, convened by the Managing Director of IMF, Kristalina Georgieva.
The appointment of Tony Elumelu into the council was disclosed in a statement on Friday, March 28.
IMF’s Advisory Council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The Advisory Council is saddled with the responsibility of recommending policies that enhance resource allocation, stimulate innovation, and catalyse sustainable private sector-led economic growth.
Why Elumelu is a good fit
The statement noted that Elumelu’s pedigree as an advocate and supporter of entrepreneurship and Africapitalism rightly positions him on the Council to ensure that Africa’s entrepreneurial potential is central to global economic planning.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policymaking,” the statement read.
Other members of the IMF’s Advisory Council
On the IMF’s entrepreneurship and growth Advisory Council are academics, policymakers, and business leaders from around the world.
They include Professor Ufuk Akcigit, Harberger Professor of Economics, University of Chicago; HRH Ambassador Reema Bandar Al-Saud, Saudi Ambassador to the United States; and Mr Marc Benioff, Chair, CEO, and co-Founder of Salesforce.
Others are 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; and Mr Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.
The task before IMF’s Advisory Council on entrepreneurship, growth
At the inaugural meeting of the Advisory Council on Wednesday, March 26, IMF’s Managing Director, Kristalina Georgieva, said members of the Council will bring their expertise and knowledge to bear by brainstorming on policies that provide a supportive environment for innovation, entrepreneurship, and productivity.
“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,” she said.
Africa’s youthful population goldmine for investment, innovation, economic growth – Elumelu
Meanwhile, TheRadar earlier reported that the Chairman of the United Bank for Africa (UBA), Tony Elumelu, said Africa’s youthful demographic is a goldmine for investment, innovation, and economic growth.
He noted that with 65 per cent of Africa’s 1.5 billion population under 30, the continent has an unstoppable demographic advantage.
