Economic and Financial Review

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The role of central bank in the acquisition of foreign technology for national development.
(Central Bank of Nigeria, Reaserch Department., 1991-06) Oresotu, F.O.
This paper has examined the role a central bank could play in the acquisition of foreign technology. In the process of doing this, the implication of meaningful real technology transfer was discussed while suggestions were proferred, as to what a country especially a developing country such as Nigeria could do in order to achieve real, as distinguished from apparent. technology transfer. Emphasis was placed on training of the indigenous personnel at all levels including the middle and top level management. The crucial role the government must play in ensuring the compliance of the foreign party to an agreement involving transfer of foreign technology was also stressed. It was equally emphasized that channels such as turnkey, product sharing, services and management contracts which are new forms of acquiring foreign technology in resource-based industries like mining, petroleum, petrochemical and such heavy manufacturlng industries like iron and steel, fertilizer production, etc. should not only lay emphasis on training the indigenous personnel but should also be effectively enforced to ensure that the stages of domestication and indigenization of the technology are at least acquired within the shortest time possible.