out-dated manufacturing technology, high-interest rates and exchange rate fluctuations. These factors have contributed to the manufacturing overhead both in terms of the high cost of raw materials and other inputs in the manufacturing and distribution process. Also, the easy access and low cost of acquiring an import license in comparison with difficulty in import license acquisition for manufacturing equipment spare parts also discouraged local manufacturing (Mojekwu, Idowu, & Sode, 2013). See table