The World Intellectual Property Organisation, WIPO, on Wednesday said that Nigeria was yet to tap into over $73 trillion in intellectual property revenue globally.
Oluwarobiloba Moody, the Director of WIPO Nigeria, disclosed this to journalists at an event with the National Youths Service Corps, NYSC, managed by Hutzpa Consulting and Innovation Lab in Abuja.
Moody stressed that Nigeria was losing out financially because of its inability to capture intellectual property, hence the need to train youths, especially corps members in IP in the FCT, to help boost its economy.
According to him, the intellectual property sector has huge untapped wealth, and the Federal Government needs to do more to harness this potential.
“The value of intellectual property is constantly on the rise. Globally, in 2021, the estimated value of intangible assets was 73 trillion dollars; I do not think we are capturing one per cent. Yet, we are contributing majorly to the trillions and losing much money,” he said.
