The National Office for Technology Acquisition and Promotion (NOTAP) has saved N240 billion in capital flight in the last seven years, the agency’s Director General, Dr. Dan Azumi Ibrahim, has disclosed.
He made the disclosure when the Minister of State, Science and Technology, Barrister Mohammed Abdullahi and the Permanent Secretary, Dr. Mohammed Bello Umar, visited the agency in Abuja yesterday.
According to him, the savings were made through proper scrutiny of all technology-related agreements entered into by Nigerian companies.
He explained: “We subjected every agreement Nigerians entered into with their foreign technical partners to very strict and proper scrutiny. We also disallowed importation of technologies that could be produced here in Nigeria.
“Through this we have been able to save more than N240bn in capital flight in the last seven years.’’
Ibrahim, however, lamented that the agency was constrained by lack of office space and appealed to the minister to fast-track the completion of the agency’s new headquarters building.
Noting that the building was at about 60 per cent completion level, the DG said the agency was having finance challenge to complete it.
The minister, who commended NOTAP for saving N240bn for the country, urged the agency to strive to do more, adding that the country needed its services at this critical point in time.
The minister further charged the agency to handle its duties with greater discretion and professionalism, especially the business of registering contracts for the transfer of foreign technology, and ensure that the country is not made a dumping ground for all sorts of technologies.
He called on it to help in transforming the country’s technology as well as stimulate the economic activities of the country.