Patent goldmine or Economic Thalidomide? The viable option out of recession

1h ago

Buhari

This is a question for the government of the day. Why do we have a legacy of $150 billion and still swim in depth and dirt of economic recession? While we have a goldmine to tap into, we keep on swallowing the economic thalidomide pill of borrowing which has proven to be our undoing for many years now.

Our dependency on oil revenues have blinded our successive governments to opportunities and our affinity to borrowing is pathetic. In the past 15 years, we have been borrowing to pay salaries without care for infrastructural development. A renewed attempt by the presidency to borrow another $30 billion is an economic thalidomide that we were able to avoid.

Property Rights in Nigeria is a viable way out of recession into prosperity. We must not forget how America got so rich with property rights. The American government benefited from a quick setup of the patent office. Intellectual property like patents, copyrights, and royalties makes it possible for people to profit from their creations. American professional class of actors, artists, writers, musicians and specifically Bill Gates riches won’t exist without intellectual property.

A society ruled by laws protects property. Property rights were the secret to America’s success. When citizens are assured and confident of the protection of the government when someone tries to take their property from them, then they work very hard to earn and invent. This leads to prosperity.

Why would I work hard, invent and give my all to make a difference when it can be taken from me without a government to protect her interest? Nigeria today can boast of Patent RP 13522, an invention called Anti-Corrosive Special Paint and worth over $150 billion. It is used by many oil multinationals to curb the menace of pipeline and equipment corrosion.

The Patent owned by a Nigerian company can end our economic woes and bring about massive infrastructural development. It will bring into our foreign reserve over $47 billion in less than 90 days with a potential of $150 billion before year 2019 should the government taps into it.

The refusal of users and infringers to pay up the Patent royalties can be attributed to the failure of our 3 arms of government to be patriotic especially now that our failing economy needs the royalties for survival.

The Patent Goldmine or Economic Thalidomide?

Rather than take the same economic thalidomide of borrowing that has been our undoing in recent years, the government of the day will do Nigerians a lot of good by reaching out to the management of Comandclem Nigeria Limited and our infringing oil multinationals for a round table talk over payment of $47 billion royalty overdue.

Such patriotic gesture is what we need to get out of recession in the shortest possible time. At the moment, it is our most viable option.