• Thursday, June 13, 2024
businessday logo

BusinessDay

FG inaugurates committee to strengthen Intellectual Property rights, drive industrialisation

FG inaugurates committee to strengthen Intellectual Property rights, drive industrialisation

By Favour Okpale

The Federal Government has inaugurated an Inter-Ministerial Committee on review of the Intellectual Property Policy and Strategy for Nigeria to strengthen the legal framework for IP rights protection, attract investments, drive industrialisation, and generate revenue for the Federal Government.

Nigeria’s draft National IP Policy and Strategy, validated in September 2022, aims to promote a comprehensive and conducive IP ecosystem with a vision to utilise intellectual property for sustainable national prosperity and development.

The committee’s task is to update the Draft IP Policy & Strategy for submission to the Federal Executive Council for approval and to review and update national IP legislation in conformity with international obligations with the goal to give Nigeria’s IP assets a competitive advantage in the market.

Other Objectives of the intellectual property policy include Strengthening the legal framework for IP rights protection, Enhancing the institutional framework for IP administration and management, Promoting the generation and protection of IP rights, Facilitating the commercial exploitation of IP assets and technology transfer, Strengthening enforcement frameworks for IP rights, Developing human resources for IP administration, protection, commercialisation, and enforcement and Promoting IP training, education, and awareness.

Doris Uzoka-Anite, minister of Industry, Trade and Investment, and chairman of the committee, speaking at the inauguration ceremony, in Abuja highlighted the importance of a robust IP policy in driving innovation and economic growth.

She said: “This is a significant milestone in our collective efforts to strengthen Nigeria’s intellectual property ecosystem and position our nation as a global leader in the protection and commercialization of creative and innovative works. An effective IP framework empowers our entrepreneurs, inventors, artists, and businesses to reap the full rewards of their creativity and ingenuity.”

Also speaking at the event, Hannatu Musa Musawa, minister of Arts, Culture, and Creative Economy and co- chair of the committee emphasized the interconnectedness of intellectual property and the creative industries.

She noted that the arts and culture sector is deeply intertwined with intellectual property and by strengthening the IP framework, the government will not only protect cultural heritage but also encourage the creation of new, innovative works that can compete on the global stage. “This initiative will significantly contribute to the growth and sustainability of our creative economy,” she said

In his remarks, Ben Murray Bruce, CEO and Founder of Silverbird Entertainment, underscoring the importance of intellectual property in the entertainment industry, said that a strong IP policy was vital for the protection of creative industry as it ensures that artists and creators can fully benefit from their hard work and creativity.

“This policy will help Nigeria become a global powerhouse in entertainment and innovation,” he said.