Senate commends NOTAP for saving Nigeria N188.2billion capital flight

Senate commends NOTAP for saving Nigeria N188.2billion capital flight
The Chairman Senate Committee on Science and Technology, Prof. Ajayi Borroffice said the National Office for Technology Acquisition and Promotion (NOTAP) is playing a pivotal role in the national economy by saving the country a whopping sum of N188.2billion that would have left the country as capital flight.
Senator Borroffice made this statement recently at NOTAP corporate headquarters Abuja when he led the Senate Committee on Science and Technology in an oversight function to NOTAP. He said the economic situation in the country was not at its best but believes that with agencies like NOTAP that are ready and committed to the technological development of the country, there was hope.
He further commended NOTAP for the wonderful partnership with both public and private establishments especially that of Friesland Campina WAMCO in dairy development which has brought about a 10% local content in milk production in the country.
Prof. Ajiyi said the establishment of 38 Intellectual Property and Technology Transfer Offices (IPTTOs) in some selected tertiary and research Institutions in the country was a demonstration of total understanding of the global trend in intellectual property development. He added that as a former lecturer, he understood the huge financial requirement involved and therefore advocates for a special research fund to enable researchers carry out some demand-driven research.
Earlier in his welcome address, the Director General of NOTAP, Dr. DanAzumi Ibrahim said that the mandate of the Office was very vital to the socio-economic development of the country, adding that no country can be regarded as developed without evolving technology based products and services from her indigenous knowledge system.
The DG said though NOTAP deals mainly with intangibles, the resultant effect of the agency’s regulatory activities was huge in terms of financial savings to the nation, adding that NOTAP insists that no company shall be granted technology transfer agreement certificate to bring in expatriates when there are local capacities to handle such jobs.
He further informed the lawmakers that the Office through its intervention in technology transfer agreement registration has saved the country over 188.2billion between 2010 to June 2016, money that would have left the country as capital flight. He added that though, the impact of NOTAP may not be immediately felt because they are intangible, Nigerian entrepreneurs and indigenous companies appreciate the importance of the Office as they are the direct beneficiaries of NOTAP’s activities.
Dr. Ibrahim further noted that NOTAP in 2006 in collaboration with the World Intellectual Property Organization (WIPO) to embarked upon a project for establishment of Intellectual Property and Technology Transfer Officer (IPTTOs) in Nigerian Universities, Polytechnic and Research Institutions across the country. This is expected to improve the IPR culture and fast track the commercialization of R&D effort for the socio-economic development of the country.
He solicited the support of the law makers for an improved budgetary allocation to enable the Office to extend the IPTTOs to more tertiary Institutions across the country as they say it has the potential to enhance Nigerians socio-economic growth.
He also said that NOTAP may have succession setback as officers are retiring and we are constrained by funds to employ coupled with Office accommodation that has become a reoccurring decimal.

Raymond Onyenezi Ogbu