FG Urged to deal with Intellectual Property Rights Challenges
The Managing Director/Chief Executive Officer of Access Bank Plc, Mr. Herbert Wigwe, has called on Nigerian government to very urgently deal with the challenges of intellectual property protection to maximise the growth potential of innovation.
He equally charged that all stakeholders must collaborate and push for reforms of the legal frameworks for protecting intellectual property rights in Nigeria, noting that without this, it will be tough harnessing talents and inventions for economic growth.
Wigwe who was delivering a theme paper “Disruption, Innovation and Business Growth,” at the ongoing 2019 National Insurance Conference (NIC) in Abuja also called on government to deal with the high cost of doing business and the information technology security in Nigeria.
According to him, the country must deal with the high cost of doing business – from poor infrastructure, business registration hurdles, multiple taxation, and bureaucratic bottlenecks, amongst others.
“Nigeria currently ranks 146 amongst 190 economies in the 2019 World Bank’s ease of doing business ranking. We must do more to encourage start-ups and established businesses run profitable establishments,” he said.
Access Bank boss said information security and the challenges of protecting customer’s information online against cyber-attack remain a major threat that could erode customer’s confidence, adding that “We must invest in preventing unauthorized access, use, disclosure, disruption, modification, inspection, recording or destruction of information or data, in all forms.”
On competition, he posited that businesses and organisations must accept the reality of changing competitiveness frontiers and compete healthy and ethically in the best interest of all.
“New technologies and business models” he said, “will arise that will profoundly affect the functioning of existing industries.”
He noted that “whilst we must protect and grow our individual market share, we must ensure that we compete on the frontiers of technology, efficiency, customer experience and value. The authorities must also position to redefine and guide all players using best competition advocacy.”
