Intellectual property right key to economic development

Intellectual Property is everywhere. It finds relevance in every facet of the society.  Intellectual property has become a major issue touching various aspects of today’s innovation driven and knowledge-based society. Humanity is now overwhelmed by the sheer volume of Intellectual property assets around us and how it affects our everyday life. Furthermore, it is also […]

Intellectual Property is everywhere. It finds relevance in every facet of the society.  Intellectual property has become a major issue touching various aspects of today’s innovation driven and knowledge-based society. Humanity is now overwhelmed by the sheer volume of Intellectual property assets around us and how it affects our everyday life. Furthermore, it is also important with climate change discourse in the area of green technology and agriculture. Intellectual property being an emerging law in Nigeria plays a tangible role in entertainment and sports, literature and visual arts, broadcasting and business.

According to the World Intellectual Property Organisation “Intellectual  property refers to creations of the mind; such as inventions, literary and artistic works, designs and symbols, names and images used in commerce…IP is protected in law by patents, copyrights and trademarks, which enable people to earn recognition or financial benefit from what they invent or create”. The main IP laws  are the Patent and Designs Act, Cap P2, Laws of Federation of Nigeria 2004, the Trademarks Act, Cap P2 Laws of Federation of Nigeria and the regulations made under it and the Copyrights Act, Cap C28, Laws of Federation of Nigeria 2004.

Intellectual property regime came into force immediately after Nigeria’s independence around the early 1960s. 

Intellectual Property can change Nigeria’s trajectory through the process of economic growth. It should be noted that economic growth is inseparably linked to how well the economy encourages, stimulates and fosters creative engagements.

Creativity and innovation are proven propellers of economic growth and competitive capacity. Intellectual property can change Nigeria’s course by promoting traditional expression and diversity and circulation of new technologies. For instance, the Organization for Economic Corporation and Development has found that one per cent income in the intensity at which patent is protected, which is a key form of Intellectual property rights protection in developing countries, correlates to a nearly one per cent increase in domestic research and development. Appropriate Intellectual Property protection is a common prerequisite for investment by foreign investors.

Furthermore, Intellectual Property can change Nigeria’s trajectory in a way that will boost Nigeria’s Foreign Direct Investment (FDI). FDI is essential because it supports economic development through the transfer of technology and administrative skills and the creation of work opportunities. Nigeria will attract more FDI when inventors can expect a return on investment that may be achieved mostly with the successful implementation of Intellectual Property rights.

It is clear that there are many ways Intellectual Property can help change Nigeria’s course. However, a robust Intellectual Property rights regime can be developed in Nigeria if certain obstacles are addressed and certain conditions are met which include: proper examination and modifications of the IP laws, the appointment of intellectual property officers  and experts, provision and maintenance of basic infrastructure, among others. 

 

Oluwatofarati Hassan sent this piece through [email protected]