Nigeria News Today: The Increasing Concern towards Counterfeit Products
On the yesterday report from Nigeria News Today, the Standard Organization of Nigeria has warned the importers against counterfeiting Nigerian products. Importers who are cloning the products will risk themselves of prosecution. At a recently held forum, the SON has noticed that there has been an increasing number of importers who are duplicating the Nigerian-based products. They have been duplicating the Nigerian cables and labelling them as ‘Made from Nigeria’.
Imported Products Cannot Be Branded as Made From Nigeria According to Nigeria News Today
Based on the report by the Nigeria News Today, the importers have been cloning the local brands and importing them in Nigeria since the Nigeria-based products are in-demand. The local manufacturers ensured that the products made in Nigeria can rival the best products in the world. All Nigeria products are being certified by different Nigerian agency such as SON.
The government of Nigeria has been continuously developing the country’s economy through internal and external participation. In addition, there has been a noticeable growth of the direct investment from foreign companies. This increase has highlighted the needs to invest and attend on the Intellectual property rights of Nigeria as reported by Nigeria News Today.
The IP Rights of Nigeria
The status of Nigeria as a favourable investment destination can be jeopardized due to the importers that are placing no value on the country’s IP rights. Incidents that are related to the violation of Intellectual Property have been increasing in Nigeria based on the latest report gathered by Nigeria News Today. The activities conducted by these infringers have deprived most of the local manufacturers to reap the rewards of their creativity. It also leads to the hampered growth of the country’s economy.
Despite the fact that the country has some agencies that protect the manufacturers against counterfeiting, it only shows a minimal effect. Nigeria News Today believes that there is still more to be done in order to guarantee the effective enforcement of the law. Radical changes had to be implemented to keep it in-tuned with the global practices.
IP rights are being protected by registering your rights under the related regulating agency that has been authorized by the government. The rights, on the other hand, are being enforced by the court system. The High court reserves the exclusive authority on disputes related to the patent, copyrights, industrial designs, trademarks and others. Nigeria News Today stated that the country is facing too much issue related with counterfeiting. The country has to deal with the challenges and strengthen its core system related with intellectual property.
Nigeria News Today further stated that the enforcement and protection of Intellectual property rights should be an inherent part of a developing country. A great IP system can lead to the invention in the industrial sector particularly in the petroleum, pharmaceutical and chemical industries. Nurturing the local technologies through a rigid intellectual property system has been a determining factor in reducing the poverty level and boosting the growth of the economy.