Why the Nigerian tech ecosystem needs to take intellectual property rights more seriously


Today the world is riding on the back of ideas that bring about innovation. From stop-gap solutions to long-term dynasty-building patents, the success of these ideas are ensured by strong intellectual property laws that prevent piracy.

A recent study by PricewaterhouseCoopers (PwC) emphasised a positive correlation between strong intellectual property laws and a country’s economic development.

As shown by the multinational professional services firm, half of the top 10 economies in the world by Gross Domestic Product (GDP) also happen to be among the top countries with the strongest intellectual property laws.

Source: PwC

Sadly, according to PwC, Nigeria happens to have one of the weakest intellectual property laws in the world, making it an attractive destination for counterfeit and pirated products, and illegal distribution of services.

Advertisement

Thriving beside Nigeria’s weak intellectual property policies are its largely informal economy, corruption, high unemployment rates and relaxed enforcement of policies.

The fruits of regulatory…



Read All From Tech Point

%d bloggers like this: