‘MSMEs’ intellectual property protection cost high’

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has decried the high cost of protecting the intellectual property for the products of Micro, Small and Medium Enterprises in Nigeria.

The Director General of SMEDAN, Dr Dikko Umaru Radda, said this in Abuja on Tuesday during a briefing on the forthcoming World Intellectual Property Day slated for April 26.

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He called on all relevant agencies to reduce the cost of acquiring intellectual property rights for small businesses.

Dr Radda said many MSMEs in Nigeria are not aware of the legal protection of intellectual property and urged the World Intellectual Property Organisation (WIPO) to intensify sensitisation at the grassroots level. The Country Representative of the WIPO, Mr Oluwatobiloba Moody, said the 2021 World Intellectual Property Day will be held on April 26 with the theme: ‘IP and MSMEs: Taking your Ideas to the Market’.

He said World Intellectual Property Day is to reflect on intellectual property and how creative MSMEs are benefiting from the values of their products.

The WIPO country director said MSMEs in Nigeria need to know how to acquire IP rights so that no one steals their intellectual works.