International Journal of Sub-Saharan African Research (IJSSAR)

Background: Entrepreneurship is widely recognised as a catalyst for economic advancement through job creation, innovation, and wealth generation. However, the dominance of a few entrepreneurs within local markets often results in monopolistic practices that restrict competition and limit inclusive economic growth. In Onitsha-North Local Government Area, where commercial activities are highly concentrated, concerns have emerged regarding the impact of entrepreneurial monopoly on economic advancement.
Objective: This study examined the impact of entrepreneurial monopoly on economic advancement in Onitsha-North Local Government Area of Anambra State, Nigeria.
Method: A descriptive research design was adopted for the study. The study population comprised 164 registered entrepreneurs in Onitsha-North Local Government Area. Cochran’s (1963) formula for unknown populations and a snowball sampling technique were used in selecting respondents. Data were collected using a structured questionnaire and analysed using frequencies, percentages, and Chi-square statistics with the aid of the Statistical Package for Social Sciences (SPSS). Results: Findings reveal presence of significant monopolistic practices among dominant entrepreneurs in Onitsha-North. Entrepreneurial monopoly was found to restrict market entry, limit the growth of small and emerging businesses, and reduce fair competition. The study also showed that monopolistic dominance negatively affects employment generation, income distribution, and the overall contribution of entrepreneurship to economic advancement in the area.
Conclusion: The conclusion of this study is that entrepreneurial monopoly significantly constrains economic advancement in Onitsha-North. This is because the concentration of market power among a few entrepreneurs limits competitive opportunities and prevents entrepreneurship from contributing fully to inclusive and sustainable economic development.
Unique Contribution: This study provides empirical evidence on the effects of entrepreneurial monopoly within a local government commercial environment, thereby extending existing knowledge on monopoly beyond large-scale corporate contexts to grassroots entrepreneurship.
Key Recommendation: The study recommends strengthened market regulation, improved access to finance for small and medium-scale enterprises, and the promotion of fair competition to reduce monopolistic dominance and enhance economic advancement in Onitsha-North.