Lack of awareness, regulatory bottlenecks impede acceptance of intellectual property in Nigeria

The Intellectual Property Institute has lamented that lack of awareness and regulatory bottlenecks were major factors impeding the acceptance of Intellectual Property in Nigeria.

The stakeholders at a symposium with the theme “IP and SMEs: Taking Your Ideas to Market” organised to mark the World Intellectual Property Day Celebration 2021 called on the organised financial sector in Nigeria to recognize and accept intellectual property as collateral for granting loans to Small and Medium Enterprises (SMEs).

The virtual event was attended by stakeholders in the creative industry, intellectual property professionals, entrepreneurs and other other stakeholders.

The event was supported by Trumann Rockwood Solicitors, Borrow To Own Concepts Limited, (Abuja’s No. 1 pay-small-small retail company, Caya Productions (an award-winning boutique audio post-production & recording studio in Wuse 2, Abuja) and ProEdge Events.

The institute identified lack of awareness and regulatory bottlenecks among factors impeding the acceptance and marketability of intellectual assets in Nigeria.

The institute said no country can make progress without a robust framework for protecting and enforcing intellectual property rights

The institute said owners of intellectual properties in the creative and other industries are major contributors to the growth of Nigeria’s economic.

It also warned that “Nigerian businesses would continue to lose out on opportunities for technology transfer and collaborations if the regulatory bottlenecks impeding the marketability and commercialisation of intellectual assets and new technology are not addressed.”

The institute and the participants called on the Federal and State Governments to take deliberate steps to encourage and promote IP awareness among Nigeria.

The speakers at the event include former Chairman of the Nigerian Bar Association Abuja and an IP Lawyer, Mr. Folarin Aluko, Founder and Head, Engineer at Caya Productions, Melissa Ibrahim and the Lead Talent Manager at Hyers Elite Athletes & Talents (HEAT) Limited, Mr. Basorun Aderoju.

While speaking, Aluko called on the Federal and State Governments to propose intellectual property policies that are contemporary and business-friendly, especially towards SMEs and the creative industry.

He said “As our contribution towards increasing IP advocacy and awareness, the Institute continues to organise trainings and certification programs for lawyers and the general public. We welcome the support and partnership of the media and other stakeholders towards increasing IP awareness in Nigeria.”

Vanguard News Nigeria

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