Intellectual Property Piracy and Counterfeiting in Nigeria: The Impending Economic and Social Conundrum

Abstract

Nigeria's status as a favourable destination for foreign direct investment as well as a place where local creative talent can flourish is in jeopardy due to the activities of individuals that place no value on intellectual property (IP). Experts have highlighted that one major snag to development of intellectual property in Nigeria is piracy and counterfeiting. It has ripped off many producers, manufacturers, artists, marketers and stakeholders of the benefits of their creativity and also prevented the industry from rapid financial growth and development. It is in this light that we intend to look at the place of piracy and counterfeiting to the social and economic development in Nigeria.