Estate surveyors urge FG to develop intellectual property hub

The Business Assets & Intellectual Property Valuation Division of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government of Nigeria to give attention to the development of Intellectual Property Hub in the country.

The Division’s Chairman, Olalekan Akinwunmi, made this call in Lagos during the World Intellectual Property Day 2022.

This year, all over the globe, the theme of the IP day was on “IP and Youth: Innovating for a Better Future”.

April 26 every year is celebrated as Intellectual Property Rights’ Day. All member states of the World Intellectual Property Organization use the opportunity to explore the role of Intellectual Property (IP) in the economy, while also encouraging innovation and creativity, and right policies that ensure that inventors and creators get handsome rewards for their services.

In a statement, Akinwunmi said that, this year’s campaign was an eye opener for young people to realize their potentials, and to understand how the tools of the IP system can support their future aspirations.

The IP system tools, according to Akinwunmi, include trademarks, design rights, copyright, patents, plant variety rights, geographical indications, trade secrets among others.

The chairman said the theme was apt because “the youth of today are an incredible and largely untapped source of ingenuity and creativity.

According to Akinwunmi, also a board member of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), it was imperative to focus on the youths as they possess fresh perspectives, energy, curiosity and “can do” attitude, not to mention their hunger for a better future, are already reshaping approaches and driving action for innovation and change.”

Calling on the government, Akinwunmi said: “We implore the Federal Government to build IP hubs, geared towards the youth. As a nation we need to encourage our youth at every stratum by having enabling laws that protect their rights, this would in turn attract direct foreign investment via innovations.

“The value of the entertainment and creative industry is in the trillions of naira, the proper enhancement to reflect in our Gross Domestic Product and income is very necessary and we should know that the youth dominate this industry now.

“The strategy of converting their discoveries and inventions to money is very important, that is where we become relevant, the valuation of this right is very germane, this is a pointer that their future is bright because they could see value for their talents and works”, he maintained.