The need to bridge the technological gap between developed and developing countries have remained a major topic in the arena of international economic policy over the last fifty years. In this respect, the critical role of technology transfers in facilitating the development of developing countries has continued to receive international attention. However, many developing countries have also taken their own paths to promote technology transfers in critical economic sectors by establishing enabling legal and policy measures with the aim of fostering economic development through that process. This article examines the legal regime for promoting and regulating technology transfers in Nigeria’s extractive industries and highlights some of its drawbacks. The article also examines other peculiar challenges hindering technology transfers in Nigeria’s extractive industries and proposes legal and policy measures to address those challenges.