The Director General/ Chief Executive Officer of Small and Medium Enterprises Development Agency Nigeria SMEDAN, Dr Dikko Radda has said that the agency would protect intellectual property for the Micro, Small and Medium Enterprises sector of the economy.
READ ALSO: Access Bank Acquires 78.15% Stake In Atlas Mara Subsidiary
He stressed on the need for SMEs to be sensitised on the importance of Intellectual Property to enhancing the value of their enterprises.
Radda, who made call during a world press conference to commemorate the 2021 World Intellectual Property Day , a brainchild of the World Intellectual Property Organisation in Abuja, lamented that most Small and Medium Enterprises, across the country are not aware of the importance in enhancing the value of their products, services and processes.
He also urged relevant agency with the statutory function in the administration of IP to be easily accessible by moving closer to the SMEs.
He gave examples of intellectual property that would be protected to include music, literature, and other artistic works; discoveries and inventions; and words, phrases, symbols, and designs among others.
He further explained that under the intellectual property laws, owners of intellectual property are granted certain exclusive rights.
He described intellectual property as a key consideration in day to day business decisions as new products, brands, creative designs appear almost daily on the market and are result of continuous human innovation and creativity.
Radda said, “SMEs are often the driving force behind innovations. However, their innovation and creative capacity is not fully exploited as many SMEs are not fully aware of the intellectual property system.”
He identified one of the challenges facing MSMEs to include lack of awareness as most of them ar not aware of the importance of intellectual property in enhancing th value of their products, services and processes.
The SMEDAN Boss also said costs associated with IP protection may deter SMEs in taking the initiative protecting their intellectual property
In his remarks, the Ag. Head, World Intellectual Property Organisation Nigeria office , Mr Oluwatobiloba Moody said at a time when the imperative of economic recovery in Nigeria is high, particularly in the light of global pandemic, the WIPD 2021 provides an important moment to shine a light on the critical role of SMEs in Nigeria.
Moody said SMEs are the backbone of Nigeria’s economy, adding that they deliver the goods and services Nigerians need everyday.
DG SMEDAN also said MSME hatch breakthrough innovations and inspiring creations that have job creation potentials.
He said globally, SMEs make up about 90 per cent of the world’s businesses, employ around 50 percent of the global workforce and generate up to 40 percent of national income in many emerging economies.
