In a bid to fortify the protection of intellectual property (IP) in Nigeria, the Federal Government has reaffirmed its dedication by revalidating the National Intellectual Property Policy and Strategy Paper.
The initiative, driven by the Ministry of Industry, Trade, and Investment in partnership with the Ministries of Culture and Creative Economy, Justice, and Health and Social Welfare, seeks to provide a robust framework for safeguarding Nigeria’s intellectual assets.
Dr. Doris Anite, the Minister of Industry, Trade, and Investment, reiterated the significance of the revalidation, noting that the original document was completed in 2022 but now requires updating to address unresolved areas and include emerging trends in IP rights.
“A comprehensive intellectual property policy is vital for Nigeria’s economic advancement,” she stated at the one-day workshop.
“It will provide clear ownership rights for Nigerian innovations and creative works, reducing financial risks and maximizing the gains from commercialization,” she added.
Dr. Hanatu Musawana, Minister of Culture and Creative Economy, echoed these sentiments, highlighting Nigeria’s global recognition for its intellectual contributions across sectors.
She emphasized the importance of protecting Nigeria’s innovations, from medicine and agriculture to music and literature, as they enrich the country’s cultural and economic landscape.
“Our culture, traditions, and produce must be shielded and marketed effectively through strong policy support,” she stated.
On his part, Ambassador Nura Rimi, Permanent Secretary of the Ministry of Industry, Trade, and Investment, praised the collaborative effort among stakeholders in drafting a policy framework to tackle issues like piracy and IP theft.
“This innovative policy will play a critical role in protecting and promoting Nigeria’s intellectual assets,” he said.
The workshop, attended by government representatives and development partners, focused on validating the review conducted by inter-ministerial committees.
The final version of the strategy paper is set to be presented to the Federal Executive Council for approval, with a launch scheduled for mid-October.
Development partners unanimously agreed that Nigeria needs a solid IP protection policy that reflects its status as a global player in creativity and innovation.
Officials say the policy revalidation aligns with President Bola Ahmed Tinubu’s administration’s commitment to upholding the intellectual property rights of Nigerians and promoting a culture of innovation and creativity.
Meanwhile, Nigeria drew a total of $5.97 billion in investments during the first half of 2024, according to a capital importation report released by the National Bureau of Statistics (NBS) on Tuesday.
The figure marks significant foreign capital inflow into the country despite ongoing economic challenges.
The NBS noted, however, that when compared to the same period in 2023, Q2 2024 saw a substantial 152.81% increase from the $1.03 billion recorded in Q2 2023, showcasing a notable improvement in investment activity year-on-year.
