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ARTICLE · 31 MAY 2023

Monetising And Licensing Patents

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Owning a patent gives you a valuable property right, it allows an inventor to commercially make, use, and sell inventions for a specified period.

NigeriaIntellectual Property
Queen Ajura Ugbeda
Queen Ajura Ugbeda

Since the dawn of the industrial revolution, the use of patents has been one of the valuable tools used for the protection of inventions, particularly inventions that are considered to have commercial value and appeal.

Owning a patent gives you a valuable property right, it allows an inventor to commercially make, use, and sell inventions for a specified period.

A patent grants its proprietor the right to exclude others from utilising the patented invention, as it also allows inventors to profit from their rights of inventions. This article examines the provisions of the law regarding patent granting in Nigeria, the rights conferred by a patent, contractual licences, and its limitations under the act.

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