Contracts/Agreements in respect of foreign technology transfer, Technical and management services are by law required to be registered by National Office of Technology Acquisition and Promotion (NOTAP), particularly where fees payable are remittable in foreign currency. The applicable rates of fees that may be approved by NOTAP are as follows:

1. Royalty:
   Permissible royalty in respect of technological Know-how, patents and other industrial property rights Shall range from 1.0% of net sales’ value.

2. Technical Services:
   The remittable limits of fees for license or technical service agreements shall range between 1.0% and maximum of 5.0% of net sales value.

3. Management Services:
   Permissible Management Service Fee – shall range from 2.0% to 5.0% of the company’s Net Profit before Tax. Management service fee in respect of projects where no profit is anticipated during the early years shall range from 1.0% to 2.0% of net sales during the first 3 to 5 years only.

4. Consultancy Fees:
   Remittable Consultancy fees shall be up to a maximum of 20.0% of project cost and limited to projects of very high technology content for which indigenous expertise is not available. Service agreements for such high technology joint ventures shall continue to include a schedule for the training of Nigerian personnel for an eventual take-over.

Foreign guarantees/currency deposits as collateral for Naira denominated loans is prohibited in Nigeria.

A person may import or export goods or services from Nigeria if:

1. The goods or services are not prohibited by law in Nigeria.

2. Payment for the goods or services is made by means of letter of credit or any other internationally acceptable mode of payments; and

3. The amount of the payment made or to be made is such as to represent a fair return for the goods and services.