By: BluePrint Newspapers
In order to put the country’s name amongst the comity of technologically developed nations, the National Office for Technology Acquisition and Promotion (NOTAP) and the Patents, Trademarks and Designs Registry, are strengthening their relationships to ensure more patents are generated in Nigeria, BINTA SHAMA reports.
Importance of intellectual property Technology and knowledge have played important roles in the economic growth of major world economies, for instance, the UK, USA and emerging economies like the BRIC countries i.e.
Brazil, Russia, India and China, have a lot of evidential research report in this sector.
Intellectual property through globalization and technological innovation has come to reveal an enticing charm in corporate strategy affecting company ratings.
Therefore, it is safe to say a country with higher rate of technological growth would experience a higher standard of living than those of countries without much growth. There has been a tremendous growth in company investment in intangible assets.
According to the company asset valuation recorded by Fortune 500, Intellectual Property Assets (intangible assets) was translated to make up approximately 80 per cent of companies value.
One of the consequences of global trade that started at the beginning of the 1990s in the developed countries was the creation of a deliberate connection between trade law and IP policies to use trade measures to curb piracy of intellectual property rights which led to the TRIPS Agreement.
This agreement establishes global standards for IP protection that would be binding on both developed and developing countries which includes enforcement and border measures.
It has been stipulated that Intellectual property significantly influences the appreciation in value and the accumulation in quantity of human capital and technological change.
For example the growth in patent filing is associated with the growth of knowledge and patent-related statistics can act as an indicator of the strength or weakness of a country’s economy.
The influence of IP has also reflected in the increasing contribution of high technology and knowledge-intensive industries.
For instance more firms are inclined to patent their inventions and this has increased worldwide which includes some developing countries.
PCT in developing countries have started to accumulate knowledge and increase in economic power.
Economic benefits Trademarks are important component of the IP system which has strong influence on private investment and marketing decisions as they are intangible capital.
Protecting In order to put the country’s name amongst the comity of technologically developed nations, the National Office for Technology Acquisition and Promotion (NOTAP) and the Patents, Trademarks and Designs Registry, are strengthening their relationships to ensure more patents are generated in Nigeria, BINTA SHAMA reports.
NOTAP Director General, Dr. DanAzumi Mohammed Ibrahim (middle), in a handshake with the Registrar, Patents, Trademarks and Designs Registry, Barrister Stella Ezenduka (2nd right), during a visit to NOTAP DG, in Abuja recently, while management the team watch Photo: Binta Shama the intellectual property plays a catalytic role in inspiring research and development in a country.
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