Nigeria still has untapped $73 trillion in intellectual property revenue - WIPO

The World Intellectual Property Organization, WIPO, said on Wednesday that Nigeria is yet to take advantage of more than $73 trillion in intellectual property revenue worldwide.

WIPO Nigeria Director, Mr. Oluwarobiloba Moody, made this known to journalists at an event with the National Youth Service Corps NYSC, managed by Hattupa Consulting and Innovation Lab in Abuja.

Mr. Moody stressed that Nigeria suffers economic losses due to inability to acquire intellectual property and therefore there is a need to train youth, especially FCT intellectual property personnel, to help boost the economy. did.

He said there was vast untapped wealth in the intellectual property sector and the federal government needed to do more to tap into this potential.

“The value of intellectual property is always rising. The estimated value of global intangible assets in 2021 was $73 trillion. I don’t think we’ve captured even one percent. “We’re contributing a lot to the dollar and losing a lot of money,” he said.


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