Intellectual Property, SMEs, and Economy Recovery in Nigeria

Abstract

Small and Medium Size Enterprise (SMEs), without any doubt, play an important role in the growth and development of a nation. As a matter of fact, ever since the outbreak of Covid-19, many countries around the world are now shifting their focus to the development of SMEs as the primary driver of economic recovery, and Nigeria should not be an exception. Nigeria, as a case study, is one country struggling to bounce back into normalcy due to the economic implications occasioned by the outbreak of COVID-19. In Nigeria, SMEs play an important role in the country’s economic development. Sadly, despite this, Nigeria continues to struggle to accelerate its development. This study will show the significance of SMEs to the Nigerian economy as well as their role in the recovery process. The paper went on to show how a strong IP regime benefits both SMEs and Nigeria, as well as how a lack of IP awareness among most SMEs contributes to the country’s economic downturn. It was concluded at the end of the paper that SMEs need to protect their IP rights before they can serve as a perfect drive for economic recovery in Nigeria. 

Keywords: Intellectual Property, SMEs, Economy, Growth