Nigeria, just like many other developing countries, is faced with numerous problems that have hindered it from progressing as it ought to. These problems are of different nature – ranging from economic instability, environmental pollution and degradation, lack of basic infrastructure and people trading in counterfeit products, among others.
The efficient management of the country’s Intellectual Property (IP) system is submitted to have the potential of significantly resolving the above problems and as well affecting the country’s progression. Simply put, IP is legal rights that protect the original and useful product of human intellect.
Accordingly, IP rights will not only afford individuals and businesses the opportunity to develop useful innovations, it would also lead to the improvement of the economy and a sustained economic growth for the country, protect consumers from counterfeit products and ensure the growth and survival of Small and Medium Enterprises (SMEs).
Research has shown that sectors that depend on IP encompass an important and growing part of the economy. IP-intensive economic activities are found in almost every sector. These sectors play significant roles in the overall economy through its contribution to the GDP of a country and being a source of employment.
When IP rights are protected, individuals and businesses would generate more income and wealth for the economy. Thus, if IP rights are well protected in Nigeria, domestic companies will develop useful innovations knowing that their brands are protected. Foreign investments would also increase, which will help in generating substantial economic activity, employment and growth in the country.
According to a 2016 publication of TheCable, 80 percent of the products sold in Nigeria were counterfeits. Counterfeits pose risks of harm, sometimes severe injury or even death to consumers and end users.
Read also: The future is IP- Secure your intellectual property rights
However, the protection of IP – through Trademark, Copyright and Industrial Designs, would ensure the reduction and eradication of counterfeit and pirated goods thereby promoting the consumer’s trust in these goods.
This will promote consumer’s trust and satisfaction, and also help to protect consumers against injury and other harm.
Additionally, a global mandate, which Nigeria also upholds today, is the reduction of greenhouse gas emissions. Research has shown IP-based innovations and activities would be needed to address climate change.
This is hinged on the fact that IP, through Patents rights, would spur investment and innovation in the ‘green’ technology area, especially in the areas of wind, solar and marine energy.
It would also support ‘lively and competitive’ Research & Development that would work well in producing new carbon abatement and other green technologies.
Lastly, SMEs are the main drivers of the economy. SMEs contribute greatly to the economy by introducing new products for their customers.
IP rights would afford SMEs the opportunity to safeguard their products and brands, which would lead to the growth of these SMEs.
Also, IP rights give SMEs value in themselves by securing their investment and market value, developing new markets and/or collaborating with other firms by using or licensing their IP to manufacture.
ALAWODE is a law student of Olabisi Onabanjo University, Ago-Iwoye
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