Using intellectual property to change our trajectory

Intellectual property is everywhere. It finds relevance in every facet of the society.  Intellectual property has become a frontline subject touching various aspects of today’s innovation driven and knowledge-based society. Unlike before, humanity is now overwhelmed by the sheer volume of Intellectual property assets around us and how they affect our everyday life; social life and general wellbeing. Furthermore, it is also important with climate change discourse in the area of green technology and agriculture. Intellectual property being an emerging law in Nigeria plays a tangible role in entertainment and sports, literature and visual arts, broadcasting and business.

According to the World Intellectual Property Organization “Intellectual  property refers to creations of the mind ; such as inventions, literary and artistic works, designs and symbols, names and images used in commerce. IP is protected in law by for example patents, copyrights and trademarks which enable people to earn recognition or financial benefit from what they invent or create”. The main legislations in IP are the Patent and Designs Act, cap P2, Laws of Federation of Nigeria 2004, the Trademarks Act, Cap P2 Laws of Federation of Nigeria and the regulations made under it and the Copyrights Act, Cap C28, Laws of Federation of Nigeria 2004. It is sequel to this laws that this essay sets to examine how Intellectual Property can change Nigeria’s trajectory.

Furthermore, Intellectual property can change Nigeria’s trajectory in a way that it will boost Nigeria’s Foreign direct Investment (FDI). FDI is really essential, because it supports economic development through the transfer of technology and administrative skills and through the creation of work opportunities. Nigeria will attract more FDI’s when inventors can expect a return on investment that may be achieved mostly with the successful implementation of Intellectual Property rights.

In conclusion, it is clear that there are many ways Intellectual Property can help change Nigeria’s course. However, a robust Intellectual Property rights regime can be developed in Nigeria if certain obstacles are addressed and certain conditions are met which includes: proper examination and modifications of the IP laws, appointment of intellectual property officers  and experts, provision and maintenance of basic infrastructure, among others.

Oluwatofarati Hassan

Lagos.