Technology, intellectual property rights protection, and Nigerian development

Abstract

Technology has priority in today&s;s global discussions, especially in discussions that address developmental deficits in Nigeria. The country sees emerging technologies such as artificial intelligence (AI), blockchain technology, and non-fungible tokens (NFTs), among others, as veritable tools that can be used for economic and social development. This approach presents both opportunities and challenges. Nigeria&s;s teeming young population is quite receptive to technological innovation and constitutes potential for innovative solutions to the country&s;s developmental challenges. However, the inadequate intellectual property (IP) framework that should have been used to attract investments and stimulate innovation stands as a challenge to the country&s;s technological potential. This concern raises an all-important question of whether or not the existing laws and enforcement apparatus are equipped to tackle the complications that have been introduced by these new technologies. This chapter analyses IP frameworks in Nigeria and their adequacies for protecting technology and innovations. While adopting the doctrinal research methodology, the research reveals that Nigeria has advanced and developed in technology such as app creation and fintech, which are now considered beacons of economic growth. However, the lack of awareness of the importance of IP is a major limiting factor. This research concludes and recommends that Nigeria&s;s stakeholders, among other things, provide a better system for the enlightenment of the protection and recognition that has already been provided by intellectual property rights (IPR) in technology.