Estate surveyors seek review of Intellectual Property laws
The Chairman of the Business Assets and Intellectual Property Valuation Division of the Nigerian Institution of Estate Surveyors and Valuers, Mr Lekan Akinwumi has called on the government to review extant Intellectual Property laws for Small and Medium Scale Enterprises.
Akinwumi in an address to mark the World Intellectual Property Rights Day urged the Federal Government to review laws guiding intellectual property rights and to see innovation as serious business, stressing that it would improve the morale of entrepreneurs and boost Gross Domestic Product.
He implore the Federal Government to sign into law various reviewed IP laws adding that it protect various IP rights; boost the morale of inventors, entrepreneurs and other professionals as well as affect the Gross Domestic Product and income.
He stated that “Our analyses between 2017 to 2020 showed few companies that reported their intangible assets properly. In their balance, some sectors do not even bother to report it. This may be due to ignorance of the existence or poor management of their IPs.”
He highlighted that IP valuation is a guide to both parties in transaction in ensuring fair deals and urged the government and business sector to rise to the occasion in creating awareness and supporting business expansion with IP.
He said the Nigeria IP Hub should be given priority.
Akinwumi, while dedicating this year’s celebration to SMEs, lamented the challenges faced by small and medium scale enterprises in securing loans from financial institutions.
