• Friday, March 29, 2024
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ABC promotes passage of Trademark Bill to enhance investor confidence

ABC promotes passage of Trademark Bill to enhance investor confidence

Determined to create a friendly investment atmosphere in Nigeria, the American Business Council (ABC) has started to push for the passage of the Trademark Bill currently in the National Assembly.

To achieve this, the Council has in partnership with Johnson & Johnson held a dialogue on the trademark bill with the aim of improving the landscape of the Intellectual Property Policy of Nigeria.

Speaking during the recent virtual Stakeholder Engagement on the Trademarks Bill organised by the American Business Council (ABC) in partnership with Johnson & Johnson, Kashim Shettima, the bill sponsor at the Senate, said the Trademark Bill was introduced in the 8th Senate where it went through the first and second readings before it was committed to the Senate Committee on Trade and Investment.

He said the committee was not able to come up with a report on the bill before the end of that Senate.

“Because of our interest in the bill, it was reintroduced. It has gone through the first reading and awaits the second reading in the Senate. Apart from the numerous benefits that the country stands to gain, the enactment of this bill into law will enable businesses to register trademarks, and facilitates Nigeria’s accession to the Madrid System as countries that are signatory to the Madrid protocol,” he explained.

Shettima, who disclosed that the Senate wants to make progress with the bill, said that joining the Madrid System saves time and effort of filing through multiple jurisdictions because the Madrid Protocol will allow Nigerian firms to gain trademark protection in multiple jurisdictions.

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He added that the Madrid Protocol helps to ease renewal for businesses without having to pay legal and translation fees.

“After the second reading, it will be committed to the Committee, which will organise a public hearing to enable critical stakeholders to make inputs on the bill and the inputs will form the basis of the report that will be considered before the passage of the bill,” he added.

On her part, Margret Olele, CEO/ES of the Council, said the Trademarks Bill will help the country in promoting both local manufacturing and protecting foreign investors.

She said the bill is currently at the stage where stakeholders can put together heads and forward their positions on the bill, which will be sent to the right quarters.

Ikechukwu Ofuani, director, Government Affairs and Policy West Africa for Johnson & Johnson, said the company, which plays in the consumer healthcare pharmaceutical sector, supports the need to strengthen the Intellectual Property framework in Nigeria to allow for contract manufacturing of pharmaceutical products in-country.

“We see that the government is willing to ensure that companies diversify their portfolios and backward integrate. We believe that having that strong binding framework infrastructure will enable this process to be as seamless as possible,” he said.