The National Office for Technology Acquisition and Promotion and the Central Bank of Nigeria on Friday agreed to make remittance of technology fees easy for companies that were paying for the use of imported technologies.
Under the foreign exchange manual of the CBN, companies are required to produce a certificate of registration of technology transfer agreement issued by NOTAP as part of the documentation for the remittance of technology fees.
The certificate is related to payments for technology fees in the areas of software licenses; licenses for patents; trademarks and know-how; management services; consultancy services and technical assistance.
The agreement between NOTAP and the CBN to ease the process of payment for technology fees and thereby enhance technology transfer in the country was reached in a meeting when a delegation of NOTAP, led by the Director General, Dr. Umar Bindir, paid a courtesy call on the CBN Governor, Mr. Sanusi Lamido Sanusi on Friday.
Bindir said the major activity of NOTAP was the registration of technology transfer agreements and regretted that majority of the companies that registered their agreements with the office come to NOTAP only when they encountered difficulties in making remittances of technology fees to their foreign counterparts.
He stated that if companies come to NOTAP even before going into negotiation for technology acquisition, it would be easier for such companies to remit their technology fees because NOTAP would be in the picture of the whole exercise from the onset.