Some investment stakeholders in Nigeria on Monday called for a robust regulatory framework for the protection of Intellectual Property (IP) to encourage productivity and enhance originality in businesses.
They made the call at the Second Annual Business Series of DOA Law Firm held in Lagos.
The session had the theme, ” Technology Investment in Nigeria and the Growing need for Intellectual Property Protection”.
According to the Chief Executive Officer of Farmgate Africa, Mr Kenneth Obiajulu, intellectual property, more than ever, needs attention as regards regulatory frameworks.
He noted that IP included copyright, patent and trademark, which had been subjects of infringement by individuals.
On the way forward, Obiajulu said that the regulatory frameworks must ensure adequate protection.
“The process involved in obtaining intellectual property protection must not be left to linger on forever, as you find that it sometimes takes as much as two years to get patent.
” I think it is super important for the regulatory frameworks to ensure that they get all of these IP protected in no time, as most businesses are eager to run with the aim of sorting out such issues much later.
“The regulatory frameworks must, therefore, strive to put this in place in quality time,” he said.
A lawyer, and Partner with KTA Advocates, Uganda, Mr Kenneth Muhangi, called for a broadened IP framework to aid business administration.
“Investors can engage regulators in handling IP issues as we can see an increase in companies investing in technology.
“Intellectual property should be looked at broadly; there is a dire need to build up its scope and framework,” he said.
Managing Partner and Co-founder of DOA Law Firm, Mr Niyi Duale, highlighted steps for protection of Intellectual property.
According to him, a prospective owner of IP can approach the Trade Mark Registry and file an application to know the classes available.
According to him, where the desired class of trademark is available, the registry issues a certificate of acceptance to the applicant to proceed with registration of the IP.
Duale said that issuance of such a certificate would make the intellectual property protected.
He urged investors and businesses to ensure lawful application of intellectual property protection.https://nnn.ng/stakeholders-seek-robust-regulatory-framework-for-intellectual-property-protection/