Why is intellectual property knowledge important in Nigeria?

Why is intellectual property knowledge important in Nigeria?

INTELLECTUAL PROPERTY RIGHTS PROTECTION AS A TOOL FOR ECONOMIC GROWTH IN NIGERIA. Intellectual Property (IP) has become a major factor in trade negotiations and the development of economic strategies by countries across the globe.

What is intellectual property law in Nigeria?

Intellectual Property law is a body of laws that governs all the relevant aspects (i.e. ownership, registration, protection, licensing, assignment, lifespan, etc.) of IP rights. In Nigeria, several laws have a bearing on the protection and administration of the different rights that make up intellectual property.

How does intellectual property rights apply in Nigeria situation?

The enforcement of intellectual property rights in Nigeria includes various measures by which intellectual property rights are protected under the law. Essentially, there are four main types or forms of intellectual property common in Nigeria- they are trademarks, copyrights, patents and industrial designs.

How can I protect my intellectual property in Nigeria?

Apply to the Patents and Designs Registry in Abuja with the fee in the prescribed form. The proprietor of a trade mark in respect of any goods has the exclusive right to the use of the trade mark in relation to those goods. Apply to the Registry of Trade Marks in Abuja with the fee in the prescribed form.

How can intellectual property be used as a tool for economic development?

As well known and beyond any doubts, IP protection is an important determinant of economic growth. It helps entrepreneurs to recover costs of their innovative expenses. IP has inextricable nexus with issues like, inter alia, traditional knowledge, foreign investments, geographical indications and competition laws.

What are the challenges of intellectual property law in Nigeria?

Despite the various efforts made at strengthening IP rights and protection in Nigeria, challenges remain. Common infringements take the form of piracy, counterfeiting, unauthorized/unlicensed use and unfair competition.

What are the advantages of intellectual property?

Advantages of Intellectual Property Ability to have a competitive edge over other similar businesses. IP enhances your company’s value. IP helps you market your company’s products and services. You can more easily obtain financing for your business.

What are the laws of Intellectual Property Law in Nigeria?

In Nigeria, a number of laws have a bearing on the protection and administration of the different rights that make up intellectual property. However, the three main statutes governing the intellectual property Law in Nigeria are the Copyright Act, the Patents and Designs Act, and the Trademarks Act.

Who is responsible for copyright and related rights in Nigeria?

The body responsible for matters concerning copyright and related rights in Nigeria is the Nigerian Copyright Commission.

What is intellectual property and intellectual property law?

Intellectual property is simply the creation of the human mind. It is the intangible property of human creation. According to the World Intellectual Property Organization (WIPO), Intellectual property refers to creations of the mind: inventions; literary and artistIntellectualic works; and symbols, names, and images used in commerce.

How to register a trademark or patent in Nigeria?

An application must be filed at the Registry of Trademarks, Patents and Designs in Nigeria.