James Emejo in Abuja
The Director General/Chief Executive, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Umaru Radda, has said Intellectual Property (IP) exploitation remains a source of technological and economic strength for both developed and emerging markets.
He added that creating proper sensitisation among small enterprises will be positive for the Nigerian economy.
But, he said the lack of awareness particularly by Micro Small and Medium Enterprises (MSMEs) on protecting their IP rights currently remained bane.
Speaking at a media briefing as part of activities to commemorate the 2021 World Intellectual Property Day, which is a brainchild of the World Intellectual Property Organisation (WIPO), Radda, said lamented that most SMEs are not aware of the importance in enhancing the value of their products, services and processes.
He also said the cost associated with IP protection may deter SMEs from taking the initiative of protecting their property.
However, he pointed out that the way forward was to enhance the sensitisation of small businesses on the importance of IP to enhancing the value of their enterprises.
He said this will, however, require collaboration with relevant stakeholders adding that the agency with the statutory function in the administration of IP should be easily accessible by moving closer to the MSMEs.
The 2021 world intellectual property day, with the theme: “IPs and MSMEs: Taking your Ideas to the Market,” will be observed on May 26.
According to the SMEDAN boss, IP has become key consideration in the day-to-day business decisions, in the increasingly knowledge-driven economy.
He said new products, brands and creative designs appeared almost daily on the market and are the result of continuous human innovation and creativity especially by MSMEs, adding added that small enterprises are often the driving force behind the innovations.
He said: “However, their innovative and creative capacity is not fully exploited as many SMEs are not fully aware of the intellectual property system.
“Legal protection of IP prevents infringement and turns ideas into business assets with real market value, IP instills trust and loyalty to the consumers as it provides a distinct identity, image among others.”
Also, speaking at the occasion, Head, WIPO Nigeria, Mr. Oluwatobiloba Moody, said at a time when the imperative of economic recovery remained high in the country, amidst the COVID-19 pandemic, the 2021 commemoration provided an important moment to highlight the critical role of SMEs and the opportunities inherent in using IP to build stronger, more competitive and resilient businesses.
Moody said SMEs are the backbone of Nigeria’s economy, pointing out that that they deliver the goods and services Nigerians need every day.
