In a move that has stirred both praise and skepticism, the International Monetary Fund (IMF) has appointed Nigerian billionaire and Heirs Holdings Chairman Tony Elumelu to its newly formed Advisory Council on Entrepreneurship and Growth. While supporters hail his appointment as a win for African entrepreneurship, critics argue that it further entrenches elite corporate interests in global economic policymaking.
The council, convened by IMF Managing Director Kristalina Georgieva, is tasked with addressing regulatory barriers to entrepreneurship and advising on policies to stimulate private-sector-led growth. However, many question whether such an advisory body—dominated by billionaires, corporate executives, and government officials—will truly represent the needs of small businesses and struggling entrepreneurs or simply reinforce the influence of the wealthy in shaping global financial policies.
Elumelu, a vocal proponent of *Africapitalism*, has long advocated for private-sector-driven development in Africa, with his foundation funding over 25,000 entrepreneurs across the continent since 2015. While his supporters see this as proof of his commitment to economic empowerment, skeptics point out that policies favoring corporate-led economic models often prioritize profits over social equity, leaving millions behind.
With other council members including Salesforce’s Marc Benioff, Banco Santander’s Ana Botín, and Tata Group’s Natarajan Chandrasekaran, the composition of the advisory body raises concerns about whether global economic policies will be crafted to benefit everyday entrepreneurs—or serve the interests of multinational corporations and the financial elite.
As the IMF pushes forward with its economic reform agenda, the real question remains: Will this council drive meaningful change for struggling economies, or will it simply cement the power of a privileged few in global finance?
