TRANSFER OF TECHNOLOGY AS A VERITABLE VEHICLE FOR ECONOMIC GROWTH IN NIGERIA: THE LAW CONNECTION

Abstract

The basic aim of successive governments in Nigeria is effective utilisation of technology in the various development projects, the ultimate result being to transform the country from the stage of the so-called developing country to the level of developed countries. In order to achieve the above goal, successive governments had emphasised transfer of technology through trade, bi-lateral/multi-lateral and technical co-operation agreements, training, and the like, which involve the movement of men and materials; purchasing of equipment; services and licences. These generally involve costs, which have to be settled usually in the currency of the country from which the equipment and services are obtained. This article interrogates why Nigeria has not exported as much technology as she has imported over the years, and concludes that if the trend is not reversed, the desired ascendance to the league of developed countries, using the parameter of a buoyant economy, may just be an illusion. It, therefore, recommends, among other things, the institution of a robust legal regime that would encourage Nigerians to acquire the requisite technical know-how to enable them venture into technological inventions that could also be transferred to other countries in exchange for their hard currencies.