Nigerians Need to Begin Monetisation of Intellectual Property – NIESV
There is a need for Nigerians to begin to monetise their intellectual property, the Nigerian Institution of Estate Surveyors and Valuers has said. According to the institution, the concept of intellectual property is that of protecting the absolute right of discoveries or innovations made by humans in different endeavour.
The Secretary, Business Asset and Intellectual Property Valuation Division of NIESV, Mr Lekan Akinwunmi, stated that most intangible assets were not well monetised in the country, adding that the few that were monetised were facing serious challenges of piracy. He said the enabling laws did not recommend or enforce punishment to pirates or infringement.
Akinwunmi said, “The property in question is an intangible one because it does not possess physical structure but this drives it. One can also say it is the private property of the inventor; it is when made public or commercialised that someone else can use but does not have the right to imitate or copy without due approval.
“Infringement on the IP is as good as someone forcefully collecting your physical assets, which is called robbery. The IP outlives the investors so it needs to be guided jealously; every area of our economy has an IP. Trademarks, copyright, designs, patents, passing off or goodwill are few of the IPs that need serious protection and commercialisation.”
He explained that when monetised, the IP could be used as good collateral to boost various sectors, as the royalty on the IP could be compared with income from real estate and many sectors and professionals could benefit from it.
“Monetising the IP will encourage youths to demonstrate their potential, while researchers would work based on sectors not just mere academic exercise but a life driven one. As employment is created, government would earn tax as reward of protecting this sector, while several professionals and sector would also earn income from it,” he added.
According to Akinwnmi, the IP is the life wire of any business, and its value can be determined just like the real assets. He added that the International Valuation Standard had standard on the IP valuation, which could be done independently or with other assets.