Group seeks FG’s assent on reviewed Intellectual Property Laws

The Business Assets and Intellectual Property (IP)  Valuation Division of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the Federal Government to sign into law various reviewed Intellectual Property (IP) laws.

This singular effort, the group, through its  Chairman, Mr. Lekan Akinwunmi, said would protect various IP rights, boost the morale of inventors /entrepreneurs and other professionals,  and improve the nation’s Gross Domestic Products (GDP) and revenue.

Speaking during this year’s celebration of World Intellectual Property Day themed “IP and SMEs: Taking Your Ideas to Market”, Akinwunmi pointed out that some IP laws have become moribund and needed review,  while the reviewed ones would require government’s consent to make them operational.

“Some reviews have taken place and are waiting for the signature of  Mr President. Some of these laws that are yet to be signed into laws are disturbing businesses,”  he said.

Insisting on the full operation of IP laws in the country, he pointed out that analyses have shown that between 2017 and 2020, only a few companies reported their tangible assets properly in their balance sheet while some sectors did not bother to do so due to ignorance of existence or poor management of their IPs.

Members of the group celebrated the day with other partners,  innovators, IP owners and user around the world.

They noted that the year celebration was dedicated to the  Small and Medium  Enterprises  (SMEs).

SMEs, Akinwunmi said remained the backbone of national economies as they delivered goods and services that people need every day;  hatch breakthrough innovations,  inspire creations, create jobs and make some become the world’s leading businesses of tomorrow.

Explaining the synergy between IP and SMEs,  Akinwunmi said such could not be over-emphasised,  noting that an SME’s owner might not have the needed capital to thrive or compete favourably due to hurdles in securing loans from financial institutions, hence the need to turn his idea to innovation before going to the market.

“Going to market with ideas connote IP based transactions,  ideas are translated to products we buy in the market place,” Akinwunmi said.

Quoting the World Intellectual Property Organisation (WIPO),  he stated that “SMES make up around 90 per cent of the world’s businesses,  employ around 50 per cent of the global workforce and generate up to 40 per cent of the national income in many emerging economies,  more if you count informal businesses.”

Akinwunmi noted that many SMEs are yet to discover the importance of IP in their business due to a lack of awareness of its value.

To really achieve optimal returns on innovations in SMEs, Akinwunmi said that IP valuation is critical to develop the market.

Going by the theme for the year’s celebration, he enjoined financial institutions and insurance to design modalities of accepting IP as collateral – trademarks,  design rights, copyright,  patents, trade secrets and geographical indications that can support them when taking ideas to market.

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