Entrepreneurs Lament Poor Electricity, Funding At Ondo Summit

Entrepreneurs and small business operators who converged on Akure, the Ondo State capital yesterday have lamented the heavy toll erratic power supply is having on their businesses.

They spoke at the 2026 Ondo State Entrepreneurs Summit held at the Dome, Akure, emphasising that funding and inadequate electricity remained some of the practical challenges affecting their ability to grow their businesses.

In his remarks, a shoemaker, Adekola Solomon, said lack of funds to acquire necessary equipment remained a major challenge.

“One major challenge we entrepreneurs face is funding, especially money to get the necessary equipment to make our product,” he said, urging the government to provide grants or interest-free loans to business owners.

For fashion designer, Aanuoluwapo Ogunduyile, inadequate electricity supply had increased the cost of running her business, forcing her to spend a significant part of her earnings on petrol to power her industrial machine.

‎“The major challenge I face as a business owner is power supply. Because there is no adequate power, I have to spend more on fuel to power my industrial machine and this has increased my expenditure,” she said.

‎Ogunduyile said the recent increase in fuel prices had worsened the situation, adding that stable electricity would reduce the amount entrepreneurs spend on powering their businesses.

‎in his address, an entrepreneurship expert and special adviser to the Ondo State Governor on Entrepreneurship, Innovation and Investment, Dr Sumi Smart Francis, urged entrepreneurs to stop wishing for a better business environment and start taking practical steps to turn their ideas into viable businesses.

Francis said, ‎“The problem we have is that people cannot execute ideas. Execution is the principal thing,” he said.

‎He explained execution with the formula “E=C×D×V÷R²”, representing clarity, discipline and velocity against resistance, stressing that entrepreneurs must be clear about their ideas, disciplined in implementing them and willing to move quickly despite challenges.

‎Francis said Nigerians had continued to wish for a better country without taking enough practical action, urging entrepreneurs to develop the determination to pursue their ideas.

‎“We have been wishing Nigeria can be great. We keep wishing, but we are not doing anything. The spirit to fight is not there. Start becoming doers; when there is a will, there is a way,” he said.

‎He urged the entrepreneurs not to allow challenges to suppress their ambitions, stressing that the ability to execute ideas was critical to building sustainable businesses.

‎Responding to the concerns, Governor Lucky Aiyedatiwa said his administration was focused on creating an environment where entrepreneurs could identify and access opportunities rather than becoming dependent on government.

‎Aiyedatiwa said entrepreneurship was no longer simply about starting a business, but about identifying needs, adopting technology and building enterprises capable of surviving changing market conditions.

‎He announced that 20 entrepreneurs who were recognised at the summit would receive support, funding and mentorship to boost their businesses.

‎The governor also announced the launch of the “Lucky Light Initiative”, designed to provide power for 1,000 entrepreneurs across the 18 local government areas of the state.

‎In addition, Aiyedatiwa announced plans to purchase Dangote Refinery shares for 500 youths, while urging beneficiaries of the various interventions to use the opportunities responsibly, build sustainable businesses, pay taxes and mentor others.