Data has shown a strong correlation between strong intellectual property rights and economic development. Strong IP rights create an enabling environment for the innovation necessary for economic stimulation. Unfortunately, Nigeria is home to one of the weakest intellectual property protection regimes which hampers growth prospects of our already weak economy.
IP violations hinders economic growth by discouraging investment, decreasing innovation, discouraging research and diminishing financial benefits from creation and may pose harm to consumers.
The strongest tool with which to restore Nigeria's intellectual property protection and enforcement regimes are legislation and policy initiatives that prioritise IP protection.
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