This legislation sets up NOTAP with the responsibility of monitoring, evaluating, and regulating technology transfer agreements between Nigerian entities and foreign counterparts. It mandates that any contract involving the transfer of technology—covering areas like patents, trademarks, technical services, or engineering support be registered with NOTAP to ensure fairness, transparency, and alignment with Nigeria’s industrial development goals. The Act promotes local capacity building by requiring that technology imports address genuine needs, offer commensurate benefits, and not impose undue restrictions on local enterprises. Ultimately, it aims to strengthen Nigeria’s industrial and technological base by fostering the efficient adaptation of foreign technology and bolstering domestic innovation.