1.0 INTRODUCTION

The global economy is becoming more innovation-driven, with developed and developing
countries alike benefitting from knowledge, creativity and technology, all of which are
supported by Intellectual property (IP) and Intellectual Property rights (IPR) regulations.
Intellectual property represents the main value components of many trade transactions.1

Intellectual property law is described as an area of law which concerns legal rights associated with creative effort or commercial reputation and goodwill. According to World Intellectual Property Organisation (WIPO), Intellectual property refers to the creations of mind – everything from works of art to inventions, computer programs to trademarks and other commercial signs. IP engages people, ventures, or different substances to prohibit others from the utilization of their manifestations. Protected innovation engages people, endeavours, or different substances to reject others from the utilization of their manifestations without their assent.2

Intellectual property rules appear to have adapted to the world’s dynamic nature. In reality, it is clear that intellectual property law has made a significant contribution to world economic development. More than half of companies possessing intellectual property said it helped them succeed in some way. The most frequently mentioned benefit was IP's enhanced value to firms (38.7%), which included competitive advantages, reputation, and goodwill. Increased revenues (31.1%), improved long-term business prospects (29.7%), and wider markets were among the other claimed benefits (25.8 percent ).3  The intellectual property system is one of the cornerstones of modern economic policy at the national level and a catalyst for development. It will increasingly become an important tool for sustainable development of developing countries, especially the least developed countries in the knowledge-based society of this millennium.4 This essay seeks to give an overview of

1 International Trade Center, Bringing SMEs onto the E-Commerce Highway (Geneva: International Trade Centre, 2016), <http://www.intracen.org/uploadedFiles/intracenorg/Content/Publications/Bringing SMEs onto the e-Commerce Highway_final_250516_Low-res.pdf> accessed 16 August, 2022.
2 Diva Rai (2020), ‘Role of IPR in Economic development ‘, IPleaders, <https://blog.ipleaders.in/role-of-ipr-in-
economic-development/> accessed 16 August, 2022.
3 The Daily Statistics Canada, ‘Intellectual Property Awareness And Use Survey’, (Released 2021-02-18), <https://www150.statcan.gc.ca/n1/daily-quotidien/210218/dq210218b-eng.htm> accessed 16, August, 2022.

laws guiding intellectual property in Nigeria. It further looks at the huge role Intellectual
property law is playing in boosting every spheres of creativity and leveraging on them to
advance economic growth.

2.0 LEGAL FRAMEWORK OF INTELLECTUAL PROPERTY IN NIGERIA
Intellectual property rights are subsumed into 5 categories, vis: Copyright, trademarks,
patents, industrial design and trade secrets. These rights are regulated through the
implementation of extant laws of the land.
2.1 COPYRIGHT
Copyright (or author’s right is a legal term used to describe the rights that creators have over their literary and artistic works. Works covered by copyright range from books, music, paintings, sculpture, and films, to computer programs, databases, advertisements, maps, and technical drawings.5  Furthermore, Copyright is governed by the Copyright Act Cap 68, laws of the federation of Nigeria, 2004. Section 1 (1) (a – f) of this Act classifies literary works, musical works, artistic works, cinematograph films, sound recordings and broadcast as works protected by copyright. In addition, “Originality and Fixation “, as provided in Section
1 (2) of the Copyright Act, is the requirement of a work that may be eligible for Copyright in Nigeria.
2.2 TRADEMARKS
According to WIPO, a trademark is a sign capable of distinguishing the goods or services of one enterprise from those of other enterprises.6

The law that governs trademarks in Nigeria is the Trademark Act Cap T3, laws of the
federation of Nigeria, 2004. Section 67 of the act gives a salient definition of trademark as:
“A word, letter, label, numeral, colour, signature, device or any combinations of words,
letters, labels, signatures that identify and distinguish the source of the goods or services of
one manufacturer from those of others in the course of trade.”
2.3 PATENTS

4 Shahid Alikhan, ‘SOCIO.ECONOMIC BENEFITS OF INTELLECTUAL PROPERTY PROTECTION IN
DEVELOPING COUNTRIES’, WIPO library, page 1.
5 WIPO, “Copyright”. <https://www.wipo.int/copyright/en/> accessed 16 August, 2022.
6 WIPO, ‘Trademark’. < https://www.wipo.int/trademarks/en/> accessed 16 August, 2022.

A patent is an exclusive right granted in respect of an invention, which may be a product or a process that provides a new and inventive way of doing something or offers a new and inventive technical solution to a problem.7  Section 1(1) of the Patent & Designs Act outlines the criteria for an invention to be patentable as:
 It must be new;
 It must be capable of industrial application; and
 It must be the result of an inventive step.
The Trade Related Intellectual property rights (TRIPS) Agreement in Articles 27.7 and 31
lays down a number of obligations with respect to the use of a patented invention without the
authorization of the Patent owner.

2.4 INDUSTRIAL DESIGN
Industrial design is an aspect of Intellectual property ("IP") which focuses on the appearance of a product, resulting from features such as the lines or colours of the product or its ornamentation. An industrial design may consist of 3-dimensional features such as the shape of a product (a Coca-Cola bottle) or two-dimensional features such as patterns (a design on a clothing), lines or colour of a product. It may even consist of a combination of features. 8 The Patent and Design Act, 1970, governs industrial design in Nigeria. Section 14 of the Patent & Designs Act vests the right to register the design in the statutory creator. 9
2.5 TRADE SECRETS
Black's Law Dictionary defines Trade Secrets as a formula, process, device, or other business information that is kept confidential to maintain an advantage over competitors; information
— including a formula, pattern, compilation, program, device, method, technique, or process
— that (1) derives independent economic value, actual or potential, from not being generally known or readily ascertainable by others who can obtain economic value from its disclosure or use, and (2) is the subject of reasonable efforts, under the circumstances, to maintain its secrecy. 10  In Nigeria, there is no statutory legislation regulating trade secrets. Unlike patents

7 Definition by World Intellectual Property Organisation
8 Aderemilekun Olusoga, ‘Industrial design: Benefits of registration ‘, (03 April, 2020), MONDAQ. <
https://www.mondaq.com/nigeria/trademark/912624/industrial-designs-benefits-of-registration> accessed 16 August, 2022.
9 Nosa John Garrick, ‘Intellectual Property in Nigeria: A summary of protectable rights in Nigeria ‘, (20 September, 2021), MONDAQ, OAL.<https://www.mondaq.com/nigeria/trademark/1112730/intellectual-
property-in-nigeria-a-summary-of-protectable-rights-in-nigeria> accessed 16 August, 2022. and trademarks that are registered for a period of time, a trade secret can be protected for an indefinite period provided it is not disclosed to the public. 11

3.0 INTELLECTUAL PROPERTY AND ECONOMIC DEVELOPMENT IN
NIGERIA
Intellectual property is drastically gaining momentum in Nigeria. Apparently, in the African continent, Nigeria is undoubtedly a hotbed of innovation and creativity. Everyday, a new invention or idea enters the Nigerian Market, bringing with it a unique notion that the owner can turn it into a commercial asset. This has added to the Foreign Direct Investment (FDI) and Gross Domestic Product (GDP) of the country. The report showed that a 1% increase in a patent’s protection correlates with a 2.6% increase in Foreign Direct Investment (FDI). Thus, there is a substantial correlation between protected Intellectual property rights and Economic development as protected rights creates an enabling environment for the innovation necessary for economic stimulation. 12
Furthermore, one of the prominent impact of intellectual property in economic development is its ability to influence investment. IP rights places business owners at the forefront and as such, they are able to compete with their counterparts locally and internationally. This is conspicuous in the number of investors from Europe and America that invest directly in technology start-up in Nigeria with emphasis on the necessary conditions for the transfer of technology, such as patent licensing, through an active use of patent information. 13 Over the years, SME has been the backbone of the Nigerian economy. According to the MSME survey 2020 reported by business consultants PwC, SMEs accounts to nearly all of Nigeria’s enterprises and contribute a whopping 49% (percent) to the country’s GDP. 14 The ability to generate revenue is one of the most noticeable benefits of employing IP in SMEs. IP rights provides SMEs with the exclusivity they need to earn royalties and generate revenue

10 Campbell School of Law Library, ‘Trade Secrets’. <https://law campbell.libguides.com/intellectualproperty/trade_secrets> accessed 16 August, 2022.
11 AELEX, ‘Guidebook on Intellectual property in Nigeria’. < https://www.aelex.com/guidebook-on-intellectual- property-in-nigeria/> accessed 16 August, 2022.
12 PWC, Impact of Intellectual Property Infringement on Business and Nigeria Economy (2019) 2
13 Oyebola Coker, IP as a tool for Economic growth in Nigeria, April 19, 2021.
<https://inventa.com/en/ng/news/article/616/ip-as-a-tool-for-economic-growth-in-nigeria> accessed 16 August
2022.
14 Oyinkansola Komolafe, ‘Intellectual Property, SMEs, and Economic recovery in Nigeria’, (September 2021),
WIPO MAGAZINE, <https://www.wipo.int/wipo_magazine_digital/en/2021/article_0006.html> accessed 17
August 2022.

from licensing their IP assets. The European Union have researched and reported that SMEs with IP rights produce up to 68% (percent) more revenue than those without IP rights. 15 It is pertinent to state that government will receive huge revenues as a result of the tax paid by these SMEs thereby contributing to the economic stability of the nation.
The influence of IP can also be said to have been reflected in the increasing contribution in the high technology and knowledge-intensive industries. 16 Tech companies in Nigeria have produced resourceful inventions recently with the conglomeration of erudite scholars.
Intellectual Property gives an avenue for the inclination of firms to patent their inventions in other to encourage more inventions and creativity. This discourages importation and encourages exportation.
Consequently, It is important to note that intellectual property is not just a system that offers benefits for developed countries with developing countries having to pay higher prices; it is a framework that can be used to enhance the expansion of creative industries and economic growth even in low income countries. 17 Subsequently, IPR influences the financial improvement of a nation by advancing solid challenges and empowering mechanical development and monetary development 18

4.0 CONCLUSION & RECOMMENDATIONS
Conclusively, the importance of the implementation of Intellectual property in businesses and innovations in this 21 st century cannot be overemphasised as leveraging on them paves way to ensure economic stability and growth as well as improves the standard of living of Nigerians.
It is apparent with the adduced reports that intellectual property law remains a catalyst for economic development. It is trite to state that the effective commercialisation of Intellectual property (IP) is undoubtedly a significant stimulus to the economic growth of Nigeria.

In addition, Intellectual inventions must be appropriately safeguarded from various
infringements and blockages with the right direction in sustainable enterprises and

15 Ibid
16 Jackson Etti & Edu, ‘Intellectual Property: A tool for economic growth in Nigeria’, (12 July, 2009),
MONDAQ, <https://www.mondaq.com/nigeria/trademark/82368/intellectual-property-a-tool-for-economic-
growth-in-nigeria> accessed 16 August, 2022.
17 Olasupo Owoeye, PhD,’ Using Intellectual Property to Promote National Interests and Economic
Development in Low Income Countries’, (December 5, 2018). African Regional Intellectual Property
Organisation (ARIPO). <https://www.aripo.org/success-stories/using-intellectual-property-to-promote-national-
interests-and-economic-development-in-low-income-countries/> accessed 17 August, 2022.

18 Ibid; see footnote 2competitive advantage, which has influx on new market participants, to fully realise economic development in Nigeria through the implementation of Intellectual property. Also, in order to maximise the role of Intellectual property in encouraging innovations in Nigeria, there is an urgent need to amplify efforts to build out and review national laws circumscribed to the protection of Intellectual property rights.

 

Kodjovi Daniel,  a 300 level student, Faculty of Law, Lagos State University. [email protected]