Local Resource Mobilisation and Sustainable Development in Nigeria: the Imperatives of Knowledge Based Economy in resuscitating Indigenous Technology

Abstract

Although Nigeria lacks behind in advanced technological development, its indigenous technologies present significant opportunities for local economic transformation with comparable advantage which can be leveraged for global competitive advantage. This is possible if these technologies are improved and standardized through the deployment of science and technology, which can foster national innovativeness and wealth creation. While the survey method was used in gathering data from primary sources, secondary data complement were sourced from literature. The study which investigates the processes and challenges of adapting knowledge based economic model to revolutionize indigenous technology in Nigeria so as to reposition the national economy for global competiveness was analysed using descriptive method of simple percentages and measures of central tendency in combination with the chi-square. Findings support the claim that knowledge economy facilitate improved technology and technological products, leading to increased demand for goods and services with a corresponding increase in gross domestic and national products.