This paper examines the political economy of transforming indigenous technology in Nigeria through suitable engineering and technological development. The existing state of position of the indigenous technology with respect to its problems as it affects socio-economic growth, good governance and technological advancement were looked into. After in-depth evaluation, it was mirrored that there were some obstacles in the transformation of the nation’s indigenous technology to meet global standards. Therefore, this paper proposes the 3-I (imitation, improvement and innovation) technological advancement model as the way forward to start spiral process model of technological innovation that will aid the transformation of the indigenous technology to stimulate political-economic and technological advancement of the country. Economic growth will go side by side with technological advancement and national social security but the government is an indispensable entity in the developmental process.