Intellectual Property is essential for innovation. It provides the legal framework that protects any form of creativity, be it inventions, artistic pieces, designs, names, images, products, and services used in trade and commerce. Intellectual Property is more than just protection. It is an economic tool that if properly harnessed, will ensure that innovators, creatives, entrepreneurs and inventors reap the benefits of their work.
Innovators in Nigeria are making remarkable strides across various industries. From technology, agriculture, climate to fashion and entertainment. Some of these Innovations have witnessed an increase to become businesses that makes significant contributions to our economy. Despite these contributions, many innovators (entrepreneurs) still face challenges in accessing and leveraging intellectual property rights. They are not fully aware of how to protect their innovations and as a result, are less likely to register their IP rights, making them vulnerable to exploitation, counterfeiting and lost revenue. However, these challenges also present opportunities. By increasing awareness and providing targeted support for entrepreneurs on intellectual property, we can bridge the gap and create an enabling environment that supports Nigerian innovators, Creatives and entrepreneurs. This includes offering IP training programs, mentorship, access to legal and financial resources.
At UNDP, we recognize that closing this gap is not just about equity; it is an economic necessity. Intellectual property is a powerful economic asset, driving revenue generation, enhancing brand value, and creating competitive advantages for businesses. Studies show that companies leveraging IP experience higher productivity, increased market access, and greater investor confidence….
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