Inquiries About Intellectual Property In Nigeria

• Over the past few weeks, we have received questions and inquiries about IP In Nigeria. We have compiled a list of questions and answer for our readers. We trust it'll be quite useful. 
  
  IP FREQUENTLY ASKED QUESTIONS
  
  What is the Intellectual Property Institute Nigeria?
  The Intellectual Property Institute Nigeria is a non-profit organization established to promote and advance the use of intellectual property, innovation and creativity as tools for economic development in Nigeria.
  
  What is Intellectual Property?
  The term ‘Intellectual Property’ refers to inventive and innovative works of the mind expressed in concrete forms such as a brand name; business model; literary work; musical composition; software; technological, pharmaceutical or biological inventions; works of art, etc. 

  
  Intellectual Assets are generally protected by registration as Trademarks, Patents, Copyright and Industrial Designs.
  
  What is a Trademark?
  A Trademark is a sign used to identify goods and services as those produced or provided by a specific person or organization. Trademarks, trade names and brands help to distinguish an organization’s goods and services from the goods and services provided by another. Trademarks protect an individual or company’s right to trade in goods and services under distinct names, logos and marks. Registered trademarks allow companies to build goodwill and protect their reputation by granting the Trademark owner the exclusive right to use the brand or logo.
  
  What are Patents?
  A Patent authorizes an inventor to prevent the unlicensed making, selling, importing etc of an invention. A Patent right is granted for the invention of a product or technology that is new and innovative. Patent rights give the Inventor(s) a monopoly over the exploitation of the invention in return for revealing the technical details responsible for creating the invention.
  
  What is Copyright?
  Copyright is an exclusive right granted to authors and owners of creative works (writers, artists, music composers, etc.) over their creations. Copyright protection is in the form of a monopoly right that controls the moral use and commercial exploitation of the works. Copyright contributes to creativity by giving creators incentives including recognition and economic rewards. These incentives motivate creators to share their works which then increases access to the works and enhances the enjoyment of culture, technology, knowledge, and entertainment.
  
  Why is IP important to Nigeria?
  The IP system presents several opportunities to enterprising and innovative Nigerians who create intellectual products but are not aware of the options available to protect and exploit these ideas.

  
  From an economic point of view, the IP system seeks to promote investment in knowledge creation and innovation by instituting private rights to own and trade in new inventions, technologies, goods, and services. In return for this protection, owners of Intellectual assets are encouraged to disclose the workings and components of these assets, in order to promote widespread dissemination of new knowledge.

  
  

  This information is available to the public and may be used to create newer inventions, technologies, goods and services and the cycle goes on.
  
  What are the benefits of Intellectual Property to Nigerians?
  Inventors and the University community should take advantage of the several patent databases which are public and searchable over the Internet. The National Office for Technology Acquisition and Promotion (NOTAP) is responsible for promoting the importation of technology into Nigeria. The Patent register contains an abundance of technical information that can be deployed to solve local challenges, provided that the patent is not infringed.

  
  Entrepreneurs and venture Capitalists can use these patent databases to find potential licensors and business partners with a view to first supporting local inventors and maybe importing useful know-how into the country.

  
  Brand owners in the public and private sectors should focus on building solid brands protected by Trademarks Act. In order to fully exploit the economic components of brand value, the Brand must first be registered as a trademark.

  
  Authors and creators of artistic, scientific and cultural works can protect and exploit their intellectual assets under the different forms of IP available today

  
  

  Posted by Intellectual Property Institute Nigeria on Facebook