The United State Mission in Nigeria has tasked the Federal Government to develop a strong legal framework that would protect the intellectual rights of citizens and businesses, saying this was essential for creating the needed employment and boosting economic growth.
In a two-day Intellectual Property (IP) Symposium on “the bane of counterfeit pharmaceuticals and piracy,” held in partnership with the Nigerian government and members of the private sector, recently, the US noted that there was a positive correlation between strong intellectual property rights and economic development.
“As Nigeria moves ahead with goals of diversifying and shifting to a knowledge-based economy, a strong intellectual property rights regime will help attract investment and protect Nigerian ideas and businesses,” Kathleen Fitzgibbon, U. S. Embassy Chargé d’affaires said.
Fitzgibbon urged stakeholders- government, consumers, and businesses to join forces in ensuring the protection and enforcement of intellectual property rights.
Over time, Nigeria has become a target destination and transit route for counterfeit and pirated goods, according to a report by global consulting firm, Price water house coopers on “the impact of intellectual property infringement on business and the Nigerian economy”. Both foreign and local traders flood the market with cheap sub-standard fakes, while local manufacturers illegally imitate products of established brands.
The reasons for this widespread proliferation, PWC noted, include the informal structure of the economy, corruption, out-dated legislation, weak policy and enforcement mechanisms, and lack of proper awareness on the dangers of consuming substandard and counterfeit products.
Stakeholders at the symposium explained that strong IP rights create an enabling environment for the innovation necessary for economic development. Unfortunately, Nigeria is home to one of the weakest intellectual-property protection regimes, which hampers growth prospects of its economy, they noted.
They noted that IP violation hinders economic growth by discouraging investment, decreasing innovation, discouraging research and development, diminish financial benefits from creation and may pose harm to consumers.
“A weak IP protection regime hinders foreign direct investment (FDI), innovation, R&D and technology transfer, which robs entrepreneurs of profits and could harm consumers,” PWC noted in the report.
Adebambo Adewopo (SAN), a leading intellectual property rights scholar and the IP Chair at the Nigerian Institute of Advanced Legal Studies, said building strategic alliances within and outside the country was, therefore, critical, considering the global nature of digital technologies that are readily available to this formidable industry.
“In these alliances, Nigeria must seek to strengthen key institutions responsible for protecting IPRS and combating counterfeiting and piracy,” he said.
