Intellectual Property: SMEDAN Director-General seeks sensitization to enhance value

The Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Dikko Radda, says there is a need to sensitize Small and Medium Enterprises on the importance of Intellectual Property to enhance the value of their enterprises.

Dr Radda made call during a world press conference to commemorate the 2021 World Intellectual Property Day, a brainchild of the World Intellectual Property Organization (WIPO) in Abuja.

(The World Intellectual Property Day will be marked on April 26, 2021 with the theme, “IP & SMEs: Taking your ideas to market”. The Day shines a light on the critical role of small and medium-sized enterprises (SMEs) in the economy and how they can use intellectual property (IP) rights to build stronger, more competitive and resilient businesses).

Dr. Dikko noted that most Small and Medium Enterprises (SMEs) across Nigeria  are ignorant of the importance of enhancing the value of their products, services and processes.

The SMEDAN boss also urged relevant agencies with the statutory function in the administration of Intellectual Property to be easily accessible to the SMEs.

“Examples of intellectual property include music, literature, and other artistic works; discoveries and inventions; and words, phrases, symbols, and designs,”  he explained.

He further explained that under the intellectual property laws, owners of intellectual property are granted certain exclusive rights.

The Director-General said some common types of intellectual property rights (IPR) are copyright, patents, and industrial design rights; and the rights that protect trademarks, trade dress, and in some jurisdictions trade secrets.

The representative, World Intellectual Property Organization (WIPO), Nigeria office, Mr Oluwatobiloba Moody, said SMEs are the backbone of Nigeria’s economy, adding that they deliver the goods and services Nigerians need everyday; they hatch breakthrough innovations and inspiring creations and create jobs:

“At a time when the imperative of economic recovery in Nigeria is high, particularly in the light of global pandemic, the WIPO 2021 provides an important moment to shine a light on the critical role of SMEs in Nigeria and the opportunities for these important actors, particularly in using IP to build stronger, more competitive and resilient businesses”.

He added that globally, SMEs make up around 90 percent 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.

Amaka E. Nliam