Using intellectual property to change our trajectory

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Intellectual property is everywhere. It finds its relevance in all facets of society. Intellectual property has become a front-line topic affecting various aspects of today’s innovation and knowledge-based society. Unlike before, humanity is now overwhelmed by the sheer volume of intellectual property assets that surround us and how they affect our daily lives; social life and general well-being. In addition, it is also important with the discourse on climate change in the field of green technologies and agriculture. As intellectual property is an emerging law in Nigeria, it 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. Intellectual property is protected by law, for example, by patents, copyrights and trademarks which enable people to obtain recognition or financial benefit from what they invent or create”. The main intellectual property legislations are the Patents and Designs Act, Cap P2, Laws of the Federation of Nigeria 2004, Trademarks Act, Cap P2, Laws of the Federation of Nigeria and the regulations made thereunder and the Copyright Act, Cap C28, the Laws of the Federation. of Nigeria 2004. It is following these laws that this essay proposes to examine how intellectual property can change the trajectory of Nigeria.

Furthermore, intellectual property can change Nigeria’s trajectory in ways that boost Nigeria’s Foreign Direct Investment (FDI). FDI is really essential, as it supports economic development through the transfer of technology and administrative skills and through the creation of employment opportunities. Nigeria will attract more FDI when inventors can expect a return on investment which can be obtained primarily through the successful enforcement of intellectual property rights.

In conclusion, it is clear that there are many ways in which intellectual property can help change the course of Nigeria. However, a strong intellectual property rights regime can be developed in Nigeria if certain obstacles are overcome and certain conditions are met, including: proper review and amendments of intellectual property laws, appointment of agents and experts in intellectual property, provision and maintenance of basic infrastructure, among others.

Oluwatofarati Hassan

Lagos.

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