FG to Restructure National Trademark Registry

Olawale Ajimotokan in Abuja

The federal government said it is working toward restructuring the country’s trademark registry and intellectual property legislation and regulation.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this yesterday at the third edition of the Ministerial Press Briefing Session in Abuja, coordinated by Minister of Information and National Orientation, Mohammed Idris.

She revealed the ministry was also working with the Ministry of Justice and Ministry and Ministry of Arts and Digital Economy on the restructuring exercise.

Oduwole said the motive was to have an Intellectual Property Policy that works for the entire economy to enable it to thrive.

She added that the country in November last year paid to host the The Intra-African Trade Fair (IATF), the biggest trade fair in Africa, enabled by Afreximbank.  Oduwole described the fair as catalytic and a game changer for any economy.

Her words: “Nigeria paid for it in November and we were shortlisted, so we’re waiting for the announcement.

“But what this meant was that we had to host a team that came from several institutions to Lagos using the National Theatre and we had to look at reforms across the airport, the view line, moving around Lagos, how it works. We had to visit hotels and to showcase Lagos and Nigeria to the world.

“I shouldn’t let the cat out of the bag but we’re really hopeful that we will get this. We have put on a very strong show and it corresponds with Nigeria’s 50th FESTA anniversary and so the first leg of it will be connecting to a cultural fair in 2026 and in 2027.

“We don’t have it yet but I want Nigerians to know that we paid for this so that we can have the full support of the country when we get it. I can tell you that we’ll definitely get it.”

She also refused to release any figures on what has been received on the projected $50 billion foreign investment inflows, promising the ministry would continue to track the investment flows as they come in from the CBN in addition to what the Bureau of Statistics releases.

The minister also doused concern about alleged dumping arising from the African Continental Free Trade Area (AfCFTA) agreement of July 2019.

She said Nigeria was not afraid of goods from other African countries infiltrating its economy.

“Our people are entrepreneurial, they are already trading in Namibia, Kenya; they are everywhere. So, the AfCFTA just loves them to trade more. We are not afraid of things coming into our economy.

“We make sure through trade facilitation and rules of origin that nothing gets dumped on this economy. But at the same time, we are very bullish about exporting our quality products because our products are in demand and they are good all across the continent and the world,” Oduwole stressed.

Also, the Minister of State Trade and Investment, Senator John Owan Enoh, added that two weeks ago, in addition to the effort of the Ministry of Power, he initiated discussions with the International Finance Corporation, (IFC) on establishing Nigeria’s carbon markets for utilisation and storage, for the purpose of unlocking sustainable finance for industrial groups

Enoh said the Industrial Revolution Work Group, was created to address the concern of local manufacturers on dumping and unfair competition by people who smuggle substandard goods into the country.

He said government was currently looking at way for manufacturers to benefit from an appropriate pricing of gas and to be able to purchase gas the same way that it’s done in mostly smaller sectors of the economy.

He said cost will drastically be brought down when it happens.