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Effects of Technology Transfer from Developed Nations and Developing Economy: The Nigeria Experience
Current Issue
Volume 6, 2018
Issue 3 (September)
Pages: 42-48   |   Vol. 6, No. 3, September 2018   |   Follow on         
Paper in PDF Downloads: 23   Since Jul. 24, 2018 Views: 147   Since Jul. 24, 2018
Authors
[1]
Augustine Okon Jacob, Department of Management, School of Management Science, Heritage Polytechnic, Ikot Udota, Eket, Nigeria.
[2]
Okon Joseph Umoh, Department of Economics, University of Uyo, Uyo, Nigeria.
Abstract
Technology is the application of scientific knowledge for practical purpose, especially in industry, advances in computer technology, machinery and devices developed from scientific knowledge. It will reduce the industry’s ability to spend money on new technology. Technologies, most often, are invented or developed in one country but utilized and enjoyed in different parts of the world. Technology capability is the capacity to produce more efficiently to establish better production facilities and to use the experience gained in production and investment to adapt and improve the technology in use. The processes through which technology invented in one part of the world is utilized or enjoyed in other parts of the world is what is generally referred to as technology transfer or technology diffusion. The need for technology transfer from the LDCs from the developed countries arises on the following grounds; to overcome backwardness, to Increase Productivity, to Reduce Poverty, Inequalities and Unemployment, to Increase the Growth Rate, to Fill Technological Gap, to Develop Basic and Key Industries and Infrastructure, to Make LDCs Competitive, to Solve Balance of Payment Problem, to Solve Socio-Economic Problems, to Save Time and Money. The purposeful application of information in the designed, production and utilization of goods and services. The most appropriate package of technology transfer should be one that contributes to increasing the level of technology, generating employment, reducing inequalities and increasing the growth rate in the LDCs, the main way of doing this is to build on what can be obtained from abroad while developing local capabilities in areas where it takes the most sense. Technology also extends to services, manufacturing, and agriculture, creativity in production planning, creativity in marketing and innovative management. It is the wider sense that we should be discussing the need, channel and problems of technology transfer from the developed nations to developing (LDCS) countries like Nigeria.
Keywords
Developing Economy, Developed Nations, Technology Transfer, Nigeria
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