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Poor Knowledge of GI, Lack of Specific Legal Framework Makes Nigeria Products More Vulnerable – Adebayo

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Otumba Adeniyi Adebayo - Minister of Industry Trade and Investment
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By Ossom Raphael

Minister of Industry, Trade and Investment, Otumba Adeniyi Adebayo, Thursday said poor knowledge of the Geographical Indications (GI) and absence of a specific legal framework has continued to render Nigeria’s products more vulnerable to misappropriation.

The Minister however said that the Federal Government will collaborate with the European Union to intensify campaigns for product specification in the country to boost exportation of Nigerian unique products.

Adebayo said this at the National Conference on Creation of Legal and Institutional Framework for Geographical Indications in Abuja.

According to him, “the AfriPI Project has gone a long way in supporting African companies, creators and inventors to generate value from their intellectual property.

“For many years, stakeholders from both the public and private sector in Nigeria have worked hard to promote and draw attention to geographical indications and other forms of intellectual property protection in Nigeria.

“The benefits obtainable from geographical indications in Nigeria are immense. Nigeria Is one of the most culturally diverse societies in the world. We can boast of a wide variety of products that can be classified as GI.

“These range from the popular Ijebu garri to Nsukka Yellow Pepper, the Sokoto Red Skin Goat and the famous Yauri Onions.

“Unfortunately, poor knowledge of geographical Indications and the absence of a specific legal framework has rendered our unique products more vulnerable to misappropriation”.

Adebayo further said that Nigeria is one of the most culturally diverse societies in the world, and added that the nation boast of a wide variety of products that can be classified as Geographical Indications.

According to him, these products, range from the popular Ijebu garri, Nsukka yellow pepper, the Sokoto Red Skin Goat and the famous Yauri Onions.

“Nigeria has a strategic ambition to position itself as a major supply chain partner to key off-taker nations.

“Geographical Indication will play a major role in helping Nigerian producers generate greater value for their products.

“Agri-food and drink products which have names that are protected by the European Union as Geographical Indications represent a sales value of about £75billion,” Adebayo said.

The minister however reaffirm the Federal Government’s commitment to ensuring that Nigeria exports more finished and hope that the onference will go a long way in helping Nigeria establish an enabling environment for the growth and expansion of the GI products

Also speaking, the Director General of World Intellectual Property Organisation (WIPO), Daren Tang, said Geographical Indication is emerging as an important tool for developing countries to create jobs, attract investments and grow the economy.

Tang, who spoke virtually, commended the Nigerian government for its commitment to institutionalising a legal framework on the geographical indication, noted that it would benefit farmers, artisans, among others.

On his part, Head of European Union Intellectual Property, Ignacio Medrano said: “we have important and specific product with quality in Nigeria. We are here to support the country to establish legal framework, to establish protection for agricultural products with specific links to tradition and culture.

“We are convinced that here in Nigeria, with the protection of the Geographical Indications, there will be an increase in agricultural product price, export and tourism,” he said

In his remarks, the Director-General for Agriculture and Rural Development for the European Commission, John Clarke said Agriculture has huge potential for export in Nigeria.

Clark said with a proper framework for farmers, the country’s economy will grow rapidly due to abundant agriculture unique varieties that will be exported.

Also speaking, the National Coordinator of the National Technical Working Group, Sand Mba Kalu, said Geographical Indication, even though relatively new in Nigeria, is a hope for the common man to be able to promote his or her product to the global market

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Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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Business & Economy

Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

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Lagos State coat of Arms
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Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

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FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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