Evaluating the Economic Dynamics of the Nigerian Trademarks Regime

Abstract

Adequate Trade Mark regime will contribute to Nigerian economic renaissance. A robust Trademark regime will discourage infringement of trademarks thus providing benefits to trademark owners in the form of economic rights thus helping in improving the economic dynamics of the Nigerian depressed economy. Nigeria is having financial turmoil. Creators need to control and make use of their marks to obtain an appropriate economic reward. The objective of this paper is to evaluate the economic dynamics of Nigerian Trademark in Nigeria's depressed economy. This paper adopted a doctrinal methodology because it has the potential to help in achieving the objective of this research. In tandem with the objective of this research, the paper found that the Nigerian Trade Mark needs to be repealed. The provisions of the Act are inadequate and insufficient to protect trademarks in the digital space. Criminalization alone is not a viable solution to stopping Trademark infringement. The paper found that the Nigerian Trademark because of the economic depression in Nigeria should only protect types of trademarks with real effects in commerce that go beyond merely generating income for the Trademark Registry. Thus, apart from regular trademarks, the Act should focus more on Collective trademarks, Well-known marks, and Certification Marks. The paper recommends that the National Assembly should amend the Trade Mark Act to make the Act more effective and to make Nigeria an economic destination for foreign trademark proprietors.