The International Monetary Fund has appointed Nigerian business leader Tony Elumelu to its new Advisory Council on Entrepreneurship and Growth, recognizing his pioneering work in promoting African enterprise. The high-level group, assembled by IMF chief Kristalina Georgieva, will advise on removing barriers to business creation and fostering private sector expansion worldwide.

As founder of the Tony Elumelu Foundation, the banker-turned-philanthropist has directly supported more than 25,000 African startups through funding and training programs since 2015. His Africapitalism development model champions private investment as the driver of both economic progress and social impact across the continent.

The council brings together influential figures from government and industry including Salesforce CEO Marc Benioff, Santander Bank chair Ana Botín, Tata Group’s Natarajan Chandrasekaran, and Saudi Arabia’s US Ambassador Princess Reema bint Bandar. Academic and policy experts such as University of Chicago economist Ufuk Akcigit complete the diverse membership.

“Entrepreneurial energy is the lifeblood of thriving economies,” Georgieva said during the group’s first meeting on March 26. “By combining insights from successful business creators, policymakers and scholars, we can design financial conditions that unleash innovation and productivity globally.”

Elumelu’s inclusion marks growing international recognition of Africa’s entrepreneurial potential, with the Nigerian magnate positioned to shape policies that could unlock opportunities for millions of aspiring business owners across developing nations. The council’s recommendations are expected to influence IMF guidance to member countries on creating business-friendly regulatory environments.