The United States Mission in Nigeria has tasked the Federal Government to develop a strong legal framework that would protect the intellectual rights of citizens and businesses, saying it is essential for creating the needed employment and boosting economic growth.
In a two-day Intellectual Property (IP) Symposium entitled ‘the bane of counterfeit pharmaceuticals and piracy’, held by US Mission and American Business Council (ABC), including members of the private sector, last week, the US noted that there was a positive correlation between strong intellectual property rights and economic development.
“As Nigeria moves ahead with goals of diversifying and shifting to a knowledge-based economy, a strong intellectual property rights regime will help attract investment and protect Nigerian ideas and Nigerian businesses,” Kathleen FitzGibbon, U.S. Embassy Chargé d’affaires, said.
FitzGibbon urged stakeholders—government, consumers, and businesses— to join forces in ensuring the protection and enforcement of intellectual property rights.
Overtime, Nigeria has become a target destination and transit route for counterfeit and pirated goods, according to a report by global consulting firm, PricewaterhouseCoopers with the title ‘The impact of intellectual property infringement on business and the Nigerian economy’. Both foreign and local traders flood the market with cheap sub-standard fakes, while local manufacturers illegally imitate products of established brands.
The reasons for this widespread proliferation, PWC noted, include informal structure of the economy, corruption, outdated legislation, weak policy and enforcement mechanisms and lack of proper awareness on the dangers of consuming substandard and counterfeit products.
Stakeholders present at the symposium explained that strong IP rights would create an enabling environment for the innovation necessary for economic development. Unfortunately, Nigeria is home to one of the weakest intellectual property protection regimes, which hampers growth prospects of its economy.
They noted that IP violation hinders economic growth by discouraging investment, decreasing innovation, discouraging research and development, while diminishing financial benefits.
“A weak IP protection regime hinders foreign direct investment (FDI), innovation, R&D and technology transfer, which robs entrepreneurs of profits and could harm consumers,” PWC noted in the report.
Adebambo Adewopo (SAN), a leading intellectual property scholar and the IP Chair at the Nigerian Institute of Advanced Legal Studies, said building strategic alliances within and outside the country is, therefore, critical, considering the global nature of digital technologies that are readily available to this formidable industry.
“In these alliances, Nigeria must seek to strengthen key institutions responsible for protecting IPRs and combating counterfeiting and piracy,” he said.
While Fani Fakeye, chairman, House of Representatives Committee on Commerce, explained that the House has over time pushed for the signing of Intellectual Property (IP) bill into law but has failed to get presidential assent.
“Under the President Muhammadu Buhari’s government, we have pushed to see that the IP bill is signed but the bill has received pushed backs from the executive on the back of lack of funds. However, we assure that we won’t relent until we see that the bill comes into law,” he said.
The symposium brought together a broad range of stakeholders including senior officials from Federal ministries, departments and agencies, legislators, lawyers, business, and technology leaders.
MICHAEL ANI
