Senate commends NOTAP for saving N188bn from capital flight

The National Office for Technology Acquisition and Promotion (NOTAP) has been commended for playing a pivotal role in the national economy by saving the sum of N188.2billion for the country that would have left as capital flight
Prof. Ajayi Borroffice, chairman Senate Committee on Science and Technology, made this statement recently at NOTAP corporate headquarters Abuja when he led the Senate Committee on Science and Technology on an oversight visit to NOTAP.

Borroffice admitted that the economic situation in the country was the best, but was confident that there was hope with agencies like NOTAP that are ready and committed to the technological development of the country.

The Chairman Senate Committee on Science and Technology also lauded NOTAP for the partnership with both public and private establishments especially that of Friesland Campina WAMCO in dairy development which has brought about a 10 percent local content in milk production in the country.

According to him, the establishment of 38 Intellectual Property and Technology Transfer Offices (IPTTOs) in some designated tertiary and research Institutions in the country was a demonstration of total understanding of the global trend in intellectual property development.

He explained that as a former lecturer, he understood the enormous financial requirement involved and therefore advocates for a special research fund to enable researchers to carry out some demand-driven research.

In his welcome address, Dr DanAzumi Ibrahim, director general of NOTAP, said that the mandate of the agency 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.

NOTAP, he said deals, mainly with intangibles, the resultant effect of the agency’s regulatory activities was huge in terms of financial savings to the nation, stressing 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.

The DG also informed the lawmakers that the Office through its intervention in technology transfer agreement registration has between 2010 and June 2016 saved the country over N188.2 billion that would have left the country as capital flight.

He highlighted that even though the impact of NOTAP may not be immediately felt due to intangibility, Nigerian entrepreneurs and indigenous companies still acknowledge the importance of the Office as they are the direct beneficiaries of NOTAP’s activities.
Dr Ibrahim disclosed that NOTAP in 2006 in partnership with the World Intellectual Property Organization embarked on a project to establish Intellectual Property and Technology Transfer Officer (IPTTOs) in universities, polytechnics and research institutions across the country.

This partnership, he said 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 lawmakers for an improved budgetary allocation to enable the office to extend the IPTTOs to more tertiary Institutions across the country due to the potential they said it has to enhance Nigerians socio-economic growth.
He revealed that NOTAP may have succession setback as officers are retiring, adding that they are constrained by funds to employ coupled with office accommodation that has become a recurring decimal.