Monday, May 29 2023   \  Published by Inventa IP.

Nigeria: Monetising and licensing patents

Nigeria: Monetising and licensing patents

Since the dawn of the industrial revolution, the use of patents has been one of the valuable tools used for the protection of inventions, particularly inventions that are considered to have commercial value and appeal.

Owning a patent gives you a valuable property right, it allows an inventor to commercially make, use, and sell inventions for a specified period.

A patent grants its proprietor the right to exclude others from utilising the patented invention, as it also allows inventors to profit from their rights of inventions. This article examines the provisions of the law regarding patent granting in Nigeria, the rights conferred by a patent, contractual licences, and its limitations under the act.

Patents under the Act

In Nigeria, the primary legislation that governs the grant of patents is the Patents and Design Act (PDA) Cap P2 LFN 2004, while the patent rules regulate the procedures adopted at the patent Registry.

Patent is an exclusive right granted for an invention, this invention can be a product or a process that provides a new way of doing something or offers a new technical solution to a problem. It is a grant from the government, as it confers on an inventor, the right to exclude others from making, using, selling an invention for a fixed period. Read more

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