ABC Promotes Passage of Trademark Bill to Boost Investor Confidence

Determined to create a friendly investment atmosphere in Nigeria, the American Business Council (ABC) began pushing for passage of the Trademark Bill currently in the National Assembly.

To achieve this, the Council, in partnership with Johnson & Johnson, held a dialogue on the Trademarks Bill with the aim of improving Nigeria’s intellectual property policy landscape.

Speaking at the recent Virtual Trademark Bill Stakeholder Engagement hosted by the American Business Council (ABC) in partnership with Johnson & Johnson, Kashim Shettima, the Senate sponsor of the bill, said that the Trademark Bill was introduced in the 8th Senate where it went to first and second readings before being assigned to the Senate Trade and Investment Committee.

He said that the committee was unable to report on the bill until the end of this Senate.

“Because of our interest in the bill, it has been reintroduced. It has passed first reading and is awaiting second reading in the Senate. Apart from the many benefits the country is expected to gain, the enactment of this bill will enable companies to register trademarks and facilitate Nigeria’s joining the Madrid System as signatory countries to the Madrid Protocol,” he said. -he explains.

Shettima, who revealed that the Senate wants to move the bill forward, said joining the Madrid system saves time and effort of filing in multiple jurisdictions because the Madrid Protocol will allow companies Nigerian companies to obtain trademark protection in multiple jurisdictions.

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He added that the Madrid Protocol helps make renewal easier for businesses without having to pay legal and translation fees.

“After the second reading, it will be given to the committee, which will hold a public hearing to allow critical stakeholders to comment on the bill and the contributions will form the basis of the report which will be considered before the bill is passed into law. of law. ,” he added.

For her part, Margret Olele, CEO/ES of the Council, said the draft trademark law will help the country promote both local manufacturing and protect foreign investors.

She said the bill is currently at the stage where stakeholders can come together and convey their positions on the bill, which will be sent to the right quarters.

Ikechukwu Ofuani, Director, Government Affairs and West Africa Policy for Johnson & Johnson, said the company, which operates in the consumer healthcare pharmaceutical sector, supports the need to strengthen the intellectual property framework in the Nigeria to allow contract manufacturing of in-campaign pharmaceuticals.

“We see that the government is ready for companies to diversify their portfolios and integrate upstream. We believe that having this strong binding framework infrastructure will allow this process to be as seamless as possible,” he said.

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