Nigeria’s Failure to Harness $73 Trillion Intellectual Property Revenue – WIPO

The World Intellectual Property Organisation (WIPO) revealed on Wednesday that Nigeria has not yet capitalized on over $73 trillion in global intellectual property revenue. Oluwarobiloba Moody, WIPO Nigeria’s Director, made this known during an event with the National Youths Service Corps (NYSC), organized by Hutzpa Consulting and Innovation Lab in Abuja.

Moody emphasized that Nigeria’s financial loss is a result of its neglect of intellectual property utilization. He highlighted the necessity to train young people, especially corps members in Intellectual Property (IP) in the Federal Capital Territory (FCT) to bolster the economy.

He added that the intellectual property sector holds immense untapped wealth, and urged the Federal Government to take more decisive steps in exploiting this potential.

“The value of intellectual property is continually soaring. Globally, the estimated worth of intangible assets in 2021 stood at $73 trillion. I doubt if we have harnessed even one per cent of this. Yet, we are significant contributors to these trillions, while losing out on substantial financial gains,” he stated.