This paper explores the challenges, merits and contributions of technology transfer towards development of indigenous technology in Nigeria as a developing country. Technology transfer is the process of transferring and developing practical skills and its application in one place or the other. It occurs between academia, governments and industries. This could be further developed and used to exploit the production of new products, processes and services. Research institutions and commercial partners recognize and achieve local economic growth. The cost of such growth is reduced through collaborations and provision of opportunities to benefit both partners and ensure that their interests and rights were protected. The exportation and importation of machineries and equipment and scientific information dissemination has dual use of resources towards enhanced productivity. In the emerging global knowledge economy a country's ability to build and mobilize knowledge capital is essential for sustainable development as well as the availability of physical and financial growth. The basic component of any country's knowledge system is its indigenous experience which encompasses the manpower, skills and innovations.
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