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Happy World IP Day!

Posted on Wed 26 Apr 2017

World Intellectual Property Day (“World IP Day”) is observed every year around the world on April 26 to educate people about intellectual property (“IP”) rights including patents, trademarks, industrial design, and copyright. The importance of protecting IP cannot be underscored as it is critical to fostering innovation. Innovation is enhanced and encouraged when the innovator is guaranteed the fruit of his labour. The boom being experienced in our entertainment industry is a testament to this timeless truth. Intellectual Property Law is the arm of law that seeks to address this. IP law seeks to encourage innovation by creating property rights in the creation of a man’s imaginations and establishing rules guiding the exploitation of such creation. These rules are codified in applicable legislations and in Nigeria these are found in the three main IP legislations to wit, Copyright Act, Trade Marks Act and Patent and Designs Act.

At this point in our nation’s history, our government needs to find a way to unleash the inventive capabilities of the populace. The much sought after industrial revolution will only be achieved through a strategic combination of science and technology and IP policies aimed at encouraging home grown innovation and commercial exploitation of such innovation. Investment in science and technology with no articulate plan on how to harness same for the development of the country is almost a futile exercise. By safeguarding the interests of innovators and regulating commercial exploitation of such innovations, IP law provides a ready means for linking science and technology to economic and commercial success. On this world IP day, we call on the Federal Government of Nigeria to revisit the issue of IP Policy for the country and to redouble effort in ensuring the quick passage of the proposed amendment to the Copyright Act and the Industrial Property Commission Bill.

As a leader in the field of IP in Nigeria, Banwo & Ighodalo continually seeks to promote the advancement of IP in Nigeria and discussion of IP rights. The Firm will therefore be participating in the celebrations and contributing to the worldwide conversation. In commemoration of the World IP Day, Banwo & Ighodalo will be offering IP Legal Advisory Services on a pro bono basis until May 5, 2017 ***.

*** subject to terms and conditions

Edit: Probono date changed from April 30 to May 5