FG reviews intellectual property policy to boost innovation

The Federal Government, yesterday, said it was reviewing the country’s Intellectual Property Policy to empower creators, protect the nation’s cultural heritage, and drive innovation across the board.

Minister of Arts, Culture and Creative Economy, Hannatu Musawa, disclosed in Abuja during an engagement with stakeholders alongside with the Minister of Industry, Trade and Investment, Doris Uzoka-Anite.

Intellectual property, popularly referred to as IP, is a category of property that includes intangible creations of human intellect. There are several types of intellectual property, and some countries recognise more than others. The best-known ones are patents, copyrights, trademarks, and trade secrets.

While addressing the stakeholders, Musawa said President Bola Tinubu was keen on attracting investments across the board, hence the need for a strong IP policy.

Also speaking, Doris Uzoka-Anite noted: “Let me at this juncture reiterate that having an Intellectual Property Policy for Nigeria is crucial for the growth and development of the economy.

“Specifically, intellectual property statutes offer direction about ownership rights to original invention, innovation, or precious work, as well as the financial risks and benefits connected to any technology’s commercialisation.”