PATENTS AND ECONOMIC DEVELOPMENT IN NIGERIA: RETHINKING PATENTABILITY REQUIREMENTS

The concept of innovation is as old as human civilization. It is natural and borne out of man’s desperate need to improve his living standards and to conquer the challenges of his environment. In contemporary times, rights granted to patent holders are justified based on the philosophy that inventors own property rights in their inventions. Needful also to say, patent law reserves a special procedure of protection for inventions that meet certain standards. The legal standards that an intended patent holder must satisfy to have his patent protected are technically known as patentability requirements. Under the Patents and Designs Act in Nigeria, patentability requirements are enshrined under section 1 of the Act. The economic benefits of the patent system are derived from its roles in promoting innovation, and encouraging investment, economic growth, knowledge sharing, and the efficient use of resources. Thus, patented inventions are known to catalyze progress in the economy of a country and eventually improve the general living standards of its citizens. The problem identified in this research is that Nigeria lacks a robust patent system with patentability requirements that fulfil national economic objectives and that also accommodates a range of patentable subject matter which can foster economic development. The Nigerian Patents and Designs Act, especially Section 1 of the Act in tandem with other related sections, do not meet required standards and require urgent amendments for speedy economic growth. Thus, economic development is achieved through the adoption of new technologies and innovations that aid qualitative inventions, job growth, market expansion, and ultimately, the transition from a non-industry-based to an industry-based economy. The research employs the doctrinal methodology in discussing the relationship between patents economic development. It first explores the history of economic development in Nigeria, with discussions centered on Nigeria’s development plans stretching from the colonial period to the present day. Indicators that evidence of sound economic development and also the nexus between patents and economic development are discussed. Additionally, the research discusses the concept of patentability, patentability requirements in Nigerian patent legislation, the need to accommodate certain patentable subject matter, the traditional knowledge system and their importance to Nigeria’s economic development. furthermore, the research focuses on the advantages and challenges of patents to economic development in Nigeria. The research finds that, indeed, there is both a healthy and inseparable nexus between patents and economic development. It further finds that protecting and harnessing Nigeria’s traditional knowledge system is equally vital in significant contributions to economic development. In conclusion, the research recommends that Nigeria needs not only to place grave importance on a vibrant patent system but also needs a candid rethink of its entire patent legislation and its entire patent system to meet best practices, and in order boost economic development.