Examining The Impact of Local Entrepreneurs on Economic Sustainability in Bwari Area Council, Nigeria

This study examines the impact of local entrepreneurs on economic sustainability in Bwari Area Council, Nigeria using cross-sectional survey as an instrument of carrying out the study. A sample of 250 entrepreneurs who were sampled was used to collect data to effectively address the group of small-scale company owners who are within the council by using snowball and purposive methods. The tool used to gather data was a standardised questionnaire having five-point Likert scale, self-administered to achieve maximum recall. The data analysis shows that the entrepreneurial ecosystem is mainly micro-enterprises with 80 percent of the firms having less than 10 employees as well as trade and agribusiness (58 percent total). Although such ventures are widely perceived to be important in reducing poverty and increasing household income (82% agree), their potential is grossly underestimated by a combination of three barriers: lack of access to finance (seen as the most important obstacle 57% of those surveyed), inadequate infrastructure (63% agree) and high taxation (72% agree). The results of the study are that the effects on the sustainability of these businesses vary and strongly depend on their size, industry, and ownership structure. Thus to enhance their contribution to equitable and sustainable domestic economic development, a multimodal policy framework focusing on amplifying access to personalised finance, adopting industry-specific infrastructural development and institutionalisation of firm proprietorship models is proposed.