The impact of technology and innovation on national growth and development in this increasingly competitive world remain a concede fact. Its impacts can be attributed to a long (time interval) and complex processes which involves mutual reciprocal action or influence of both the transferors (owners of technology) and the recipients (receivers), including academia, research and training institute, market, of course government inputs. For many under-developed countries like Nigeria, many factors affecting the persistence low living standard, oscillatory movement in foreign exchange rate is the highly unequal distribution of technological capacity between the country and the developed ones. These unequal in technological strengths are observed in their capacity to often dictate the terms and degrees in which technologies and foreign aids are transferred to the country. The present empirical study is aimed to contribute to the large existing literature on technology transfer, affirm that skills acquired from technology transfer can be fostered, improved and advanced when individuals, expertise, firms (private and public) are ready to take a major risk of been innovative (ability to utilize, replicate, improve and, possibly re-sell the new technology). It also draws our attention in identifying barriers that mitigate successful acquisition of new technologies. These barriers are in the form of internal, external and international barriers transfer technology and earnestly calling for a close and mutual collaboration, integration and intellectual exchange between the academia, research and training institutes, industries, market and of cause undivided input from the government.

Keywords : Development; Transferor and Recipient; Innovation; Technology Transfer.