Intellectual Property Rights in Nigerian Business Environment: Challenges and ProspectsCarl Osunde*
Dean of Studies, Onitsha Business School, Anambra State, Nigeria
- *Corresponding Author:
- Osunde C
Dean of Studies, Onitsha Business School
Anambra State, Nigeria
Received Date: November 10, 2016; Accepted Date: December 08, 2016; Published Date: December 16, 2016
Citation: Osunde C (2016) Intellectual Property Rights in Nigerian Business Environment: Challenges and Prospects. Intel Prop Rights. 4: 170. doi: 10.4172/2375-4516.1000170
Copyright: © 2016 Osunde C. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
The intellectual property rights system is key to protect assets of micro, small and medium enterprises. Protecting an invention is one of the key roles that intellectual property rights plays in innovative business ventures. To remain ahead of competitors, entrepreneurs must either continuously introduce innovative products and services or make improvements to the quality of existing products and services. The author of this research study found out that intellectual property rights protect innovations, encourage research and development (R&D) and boost profits of micro, small and medium enterprises, however, there are numerous challenges in the enforcement of intellectual property rights such as counterfeit products which are abundant in the Nigerian market.