Intellectual Property Rights in Nigerian Business Environment: Challenges and Prospects

Abstract

The intellectual property rights system is key to protect assets of micro, small and medium enterprises. Protecting an invention is one of the key roles that intellectual property rights plays in innovative business ventures. To remain ahead of competitors, entrepreneurs must either continuously introduce innovative products and services or make improvements to the quality of existing products and services. The author of this research study found out that intellectual property rights protect innovations, encourage research and development (R&D) and boost profits of micro, small and medium enterprises, however, there are numerous challenges in the enforcement of intellectual property rights such as counterfeit products which are abundant in the Nigerian market.

STRATEGI INDUSTRI EKSPOR, PERCEPATAN PERTUMBUHAN UMKM ERA NEW NORMAL (Studi Kasus PT. Keloria Moringa Jaya)

“…Namun tantangan seperti pendanaan yang tidak memadai, infrastruktur sosial yang buruk, dan guncangan ekonomi yang tiba-tiba mempengaruhi kinerja mereka (Maheshkar & Soni, 2021). Selain itu, penegakan hak kekayaan intelektual menghadirkan tantangan bagi UMKM, meskipun terdapat potensi manfaat dalam melindungi inovasi dan meningkatkan keuntungan (Osunde, 2016).…”

Intellectual Property Rights Protection in Nigeria: Issues and Perspectives

“…Intellectual property can be categorized into two: these are industrial property and copyright. Industrial property includes inventions (patents), trademarks, industrial designs and geographic indicators; while copyrights include literary and artistic works such as novels, poems, plays, films, musical works, artistic works such as drawings, paintings, sculptures and architectural designs (Osunde, 2016). The protection of intellectual property rights of creators and inventors in a country like Nigeria has been problematic in spite of the existence of regulatory frameworks.…”