Patenting and Wealth Creation in a Latecomer Economy: Issues and Policy Direction

This paper examines researchers' understanding of protecting research and development (R&D) outputs through patenting, creating wealth and deriving economic benefits from intellectual property in a latecomer economy. Data were obtained from 913 researchers in 50 selected universities, polytechnics and research institutes. Over 60% of the researchers claimed to be knowledgeable in patenting R&D outputs. Researchers from research institutes had the highest awareness rate while those from polytechnics had the least. About 40% of the respondents claimed to have generated inventions but only 13% had made attempts to applying for patents. Also, about 43% of the patent applications had been granted. Generation of wealth through patenting was not well recognized among the researchers absent aBayh-Dole-like IP policy in Nigeria. The paper concluded that there is a need for the introduction of patent education into the curricula of the Nigerian educational and research systems. Incentivising patent generation could also boost the morale of researchers to appreciate its importance in wealth creation and economic development.