The House of Representatives on Thursday passed through second reading a bill seeking to repeal the Patents Design Act of 1971 and re-enact the Patents and Designs Act 2019, to cause an update in the body of legislation governing patents, designs and utility models in Nigeria.
This he said was in contravention of the global Lega instruments on intellectual land.
He further said that the current legal framework for the government of Patents in Nigeria was not only outdated but also inadequate to satisfy the needs of modern society.
“In the current age of global trade, Nigeria can’t afford to be isolated is it insulated from world events. Therefore, the prospects of doing business in Nigeria ought to be with what obtains in other nations of the world by strengthening the intellectual property regime in Nigeria, through the instrumentality of this invoice.
“The intellectual property rights are private rights that are conferred by legislation to a person, business, corporation or any legal thing for the goods of the individual, enterprise or corporations or some other legal entity for the merchandise of his or its intellects.
“Products of intellects may take many forms as we know, and those that are shielded include scientific inventions, industrial designs, indications of a strictly commercial value or trademarks, a trade secret on the one hand; plus they might be in the form of literary works, it may be in a form of artistic work or aMusical work.
“Intellectual property legislation does confer on the individual, the exclusive rights of exploiting, assigning, transmitting and contracting out creations of wisdom.
“Quite simply, exactly the same way an individual owns land or a person might have a vehicle or any other thing or property, the law allows for security of these concrete rights and ownership, provides protection and grants the person private rights to exploits the land or automobile concerning selling it, renting it or even exporting or importing a vehicle or tangible asset, in the same way with intellectual property, the law provides protection for exclusive exploitation, assignment, transmission as well as the contracting-out of novel creations of the intellect.
Taiwo while talking further stressed the bill if passed will enhance the quality of life of Nigerians and provides a comprehensive industrial/intellectual property system which protectsInnovations and imaginative expressions.
He added that the bill Wii be a bit helpful pre-condition to generating and using new technology and for that reason, would boost economic growth and aid development.
“A powerful system of intellectual property rights is indispensable to technological development and advancement.
“These inventions are substantial and also for ease of comprehension, interpretation and reading, there is the need to repeal and re-enact the law, he added.