TITLE OF ARTICLE: The Significance of Patent as a Tool for Development: Lessons for Nigeria.
AUTHOR:
OLUSEGUN OYEDEPO, Olusegun Oyedepo LL.M. (Lond), Senior Lecturer, Dept. of Corporate Law Practice, Nigerian Law School, Bwari, Abuja.
ABSTRACT:
The drive for sustainable growth and development continues to remain a deep desire of the Nigerian state. In their quest for development, great nations of the world have realised the potentials locked in human intellect, the protection of the products resulting from the human mind by way of patent grant and deployment of the patent tool for its development. The deployment of patent as a tool for development cuts across ideological divide. While nations that have taken advantage of the patent system as a tool for development have continued to accelerate in the direction of growth, others that have ignored the system have invariably continued to struggle with development. The success of the patent system other nations provides useful lessons for a nation like Nigeria that is eager to climb up the ladder of development. Valuable lessons must therefore be learnt in not only affirming and protecting the intellectual output through patent, the lesson learnt should reflect in reform of the law and policy on patent, encouragement of research and development, stimulation of research and development and redirection of our efforts in attracting foreign investment. When we learn and imbibe these lessons, we may truly say that we are on the road to development.