Made-In-Nigeria Product Will Jumpstart Our Economy
Patenting Your Product in Nigeria
BUY NAIJA TO
GROWTHE NAIRA
Protecting Your Intellectual ‘Property
How To Start Your Own Shoe Company
- Ayoade Adeyemi
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We believe that the economies of the developed nations depend largely on businesses set up by individuals, not the large multinationals with their billions.
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yo Adeyemi is an excep onal consultant with years of experience in Business Strategy Development, Human Cpaitaal Development, Investment Por olio Management, Marke ng Strategy and SMEs Management. He has worked in a number of organisaitons within the blue chip , mul -na onal, and SMEs categories: he has also been part of many start-up businesses. Adeyemi, who doubles as the Director, Marke ng Services and Fellow of the Na onal Insitute of Marke ng of Nigeria (NIMN), is member to various other professional assoica ons like: Full Member, Chatered Insitute of Personnel Management (CIPM); Insitute of Entrepreneurs (IOE); Member Chartered Ins tute of Stockbroker (CIS); Member, Nigeria Ins tute of Management (NIM) and Faculty Member, Fate Founda on. He is a Cer ďŹ ed Trainer. Adeyemi is also an author, researcher, public and mo va onal speader. Lead Partner, Lorache Consul ng; President, AAMentor Founda on; and Publisher of Business Quo ent Magazine (BQM).
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he present state of the Nigerian economy is such that gives us all a rude awakening. Over the years, we have only paid the idea of industrializa on a lip service, doing li le to show our passion and have held on to the wealth of crude oil like we knew what tomorrow holds for us in the interna onal market. Well, tomorrow is here and the juice of the crude oil is beginning to leave a sour taste in our mouths, now is the me to look within to generate the revenue we need. There is no be er me to encourage entrepreneurship, promote small businesses and improve on our culture of consuming Nigerian products than now. As a ma er of fact, it is bewildering to know that a whole lot of products imported into the country can be produced locally at a standard quality that can compete interna onally. We must begin to develop a strong sense of belief in our capability and brand as a na on. Ever since knowledge of the increasing drop in the value of the naira began to hit the news, talks of products made by Nigerians have begun to make waves. In the past few weeks, we have seen good products made by Nigerians that have le us wondering why these products have not been popular in the market. In a bid to promote entrepreneurship and small businesses in the country and Africa as a whole, this edi on focuses on the issue of Made-In-Nigeria products. We have also highlighted some outstanding products as examples and hope that you as the readers will “buy NAIJA to GROW the Naira�. Imohi Oluwaseun Moses Deputy Editor
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world, paradoxically, it is the boldest “ In today’saction that is often the safest. Remaining where you are in a world that is changing so rapidly is in fact the most dangerous of all places to be in. - Hakeem Belo-Osagie
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CONTENT feature Made-In-Nigera: What We Can Call Our Own Benets of Starting Your Own Business Now Made-In-Nigeira Products The Spirit of Entrepreneurship in Africa How To Register and Obtain NAFDAC Approvall
news Ben Bruce Makes Case For Made-In-Nigeria Vehicles Government Adopts NIPR To Drive Industrialisation Agenda How To Access Business Loan From BOI FG To Compel MDAs To Buy Made-In-Nigeria Products Saraki’s Spokesman Says Made-In-Nigeria Movement Will Jumpstart Our Economy
book review The Business of Family: Plant Seeds for A Wealthy Family
business advisory Protecting Your Intellectual Property
health
5 Reasons Why A Nap Is Necessary For You As An Entrepreneur
legal Patenting Your Product in Nigeria
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FEATURE
MADE IN NIGERIA:
WHAT WE CAN PROUDLY CALL OUR OWN
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he mentality of an average Nigerian is that what is made in Nigeria will be inferior and off the standard of any imported goods or services. A vital example is the way Government and private companies issue contracts out to foreign companies; the way they give Nigerian contractors heavy work without proper payment (you have to pay certain percentages to some masked associates); the obscene reac on to Nigerian contractors if they failed to cooperate with their orders and the foreigners are le to maltreat their workers. I was having a brief discussion with an entrepreneur friend of mine (self-made) on how he sees the market and how challenging the market is for Nigerian-made products. He said “Nigerians are dependent on foreign products that they o en forget something good can come out of the country.” He went on to cri cize the government for not giving Made in Nigeria products a chance to gain public acceptance. There is a bou que down the street from where I live; its signboard displays white women pu ng on wears and other accessories and a background not near the one we can see in Nigeria, though that could have been a genius design by a Nigerian. I wouldn't blame the owner of the dress shop for displaying white women, she knew Nigerians would walk up to her shop if they could perceive that what she sells was imported goods, even though perhaps most of her products were made in Nigeria. Another example is various private schools in the streets of Lagos with school posters showing a
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white kid or a foreign kid handling laboratory equipment or clicking the keyboard and to your abject irrita on you find out when you get to the school they do not even have an albino as a pupil talk less of a white kid. My ques on is: what message are the proprietors and proprietresses of these schools sending to their pupils? Or are the pupils too ugly and not to be shown to the public? Do they even have those equipm ent to
sta r t with or they just want some kind of public approval by bringing those white faces to the board? Let me narrate a story from a fruitless journey to Victoria Island. I was si ng in one of the board rooms of a leading Nigerian commercial bank; I was to represent one of their clients for training on a procurement tool recently introduced to the country. I sat alongside other clients for close to an hour with nothing going on. Everybody was glued to their cell phones and
was ng working hours on a meaningless mee ng. No excuse was given to us for false me, but the presenter came to hurriedly take us through an introduc on she was not even prepared for. Evidence of this was the countless mes she asked ques ons from her colleague when she couldn't get the message from what I think she had wri en by her hand and maybe, from her own head. A client amongst us picked the gauntlet and proceeds to tutor us on the tool; giving us companies that have implemented the tool and how it works. From what I saw she was not a Nigerian but she was given a post to teach Nigerians on how to use a tool most of us in the room knew much more about than her. So, how do we mo vate young graduates to pursue a course that will benefit the country and the people when the country's insensi vity to crea vity is easily detected? If the made in Nigeria products are below the standard of imported products, we can address this by introducing and implemen ng friendly economic policies, and then we can mo vate be er local produc ons. If most people in government can leave their common desires of taking their kids to schools abroad, and finance as well as invest in schools at home; the knowledge gained from such schools will contribute to every sector we can think of in the country. In conclusion, when we buy imported goods and neglect our own products, we are developing other countries' economies and draining the li le blood that remains in ours.
BUSINESS IDEA
HOW TO START YOUR OWN SHOE COMPANY - George Okwurube CEO St. George Collections
Decide whether you want to sell shoes to consumers or other businesses: You will need to establish a target market when you start a shoe company. Decide if you want to sell specialty shoes or discount shoes, for example. You will also need to decide if you will target consumers, retailers or other wholesalers. Retailers, for example, will purchase shoes from you in high volume. However, you will need to target them differently in your adver sing. Choose the types of shoes you like or in which you have the most knowledge. Your product knowledge will enhance your selling efforts. Start your business from home as this will keep your overhead expenses down. Step 1 Select a name for your shoe company. Register your company name, this is very important for protec ng your brand, logo, etc. Also you must ensure that your company reflect class and style. A bad name for a good product can do so much harm before you can speak a word about it. Step 2 S e a rc h fo r w h at t y p e s o f s h o e s compe tors are selling and the prices. Visit websites of retailers and wholesalers. No ce which ones appeal to consumers, businesses or both. Plan
to set your prices comparably with local compe tors. Step 3 Find a wholesale or manufacturer supplier for your shoe company. You will need to confirm the quality of their product. See if it matches your standard and style. Visi ng the factory where this is done to confirm all of these informa on. Step 4 Call several manufacturer or wholesale suppliers. Find out which manufacturers or wholesalers offer the types of shoes you need. Choose the manufacturer or wholesale supplier that offers you the lowest unit cost on shoes. Step 5 Build a website for your shoe store, or have a web designer create one for you. Obtain pictures of the type of shoes you will be selling. You can get loads of it from the internet or you could ask your supplier for some. Submit your website to several search engines, including Google.com and Yahoo.com. Hire a search engine op mizer so your lis ng will appear on the first page of search engines when customers search for s h o es . H el p yo u r s ea rc h en g i n e op mizer create three to five word phrases or keywords that best describe your shoe products.
Step 6 Contact independent retailers in your area if you are wholesaling your shoes. Talk to the business owner or manager about ordering shoes from your company. Leave a business card and brochure if the owner or manager does not place an immediate order. Step 7 Adver se your shoe business in both the local print and online yellow pages. Place your ad in mul ple shoe categories if they apply. Step 8 This is the interes ng part of Shoe making as a business, it is less expensive to start. You can start a shoe-making business for as low as N30,000 or even less. The most important part of this business is that you have a good shoe manufacturer who can make quality shoes with good leather. Get him to design a few good shoes with your logo imprinted on the shoes. Have a catalogue of the shoes and go around showing your poten al customers your product. That way you'll have some clients who will iden fy with at least one of the designs. On and on you go, un l you have a huge client base, referral, a li le shop, a store, a factory and you are up there producing Made-In-Nigeria shoes for the interna onal market.
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NEWS
BEN BRUCE MAKES CASE FOR MADE-IN-NIGERIA VEHICLES - Theodore Opara
In a move to institutionalise and strengthen the industrialisation of Nigeria by being on the vanguard of the true change in political will amidst the cloudy future of Nigeria's major export, crude oil which has continued to plummet at an impactful low record, the common sense advocate, Senator Ben Murray Bruce has undoubtedly brake different frontiers by not just postulating but walking the talk to revitalise Nigeria's economy through the madei n - N i g e r i a c r u s a d e Weaved into the rejuvenation of Nigeria's economy for a guaranteed turnaround aimed at combating the continued weakening of the naira which is currently at the epi-centre of the wobbling economy is the madein-Nigeria products. The government had in not one occasion reafď€ rmed its commitment to encourage a selfsustaining country that is tilted towards locally manufactured products than an import-oriented economy to help strengthen the local currency and stabilise the socioeconomic landscape of Nigeria.
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Keying into this policy thrust, Senator Ben Bruce has brought to the fore different practical economic strides to forestall the polity and a move to shore up the local industry. The auto industry as one of the major sectors with potentials of rescuing the nation's economy in its current comatose cannot be left untapped and this has made the senator to encourage the government to patronise the locally assembled vehicles. The senator took delivery of the made-in-Nigeria Kia Soul, one of the locally produced Kia model range and applauded the commitment and determination of Kia in partnering with the federal government to advance the country's economy. As one of the leading automobile brands in Nigeria with an enviable record of offering best-in-class and top of the segment vehicles at an affordable cost to the Nigerian market, Kia Motors Nigeria has again reinforced its unwavering commitment to the industrialisation of Nigerian economy and its indelible
contributions to the success of the auto industry by investing heavily in an assembly plant. It's state of the art technologies are arguably at par with any renowned and international plant in the world. The plant launched at the wake of the year 2015, prides itself on the production of nine tropicalized and made-for-Nigeria models with their respective trims in the country with over 2500 units rolled out since its launch. The Chief Commercial Ofď€ cer, Sandeep Malhotra alluded to the fact that the success of the plant is premised on Nigerian government's favourable disposition to empowering local industry. In his submission, he stated that Kia Motors Nigeria remained resolute and committed to the long term investment in the auto industry despite the short term challenges currently faced. The plant has the capacity to produce 27,000 vehicles annually and there is a provision to increase the production lines depending on the demand. The assembly line has been built to the high standard of KIA Motors Corporation. Culminating in several months of construction, installation of technologically advanced equipment and the training of its staff have snowballed into its ď€ rst assembly lines that assembles Kia models, such as its best-selling Kia Rio, Cerato, Optima, Sportage and the all-new 2015 Kia Sorento recently unveiled globally amongst others are all products from the plant. With the quality of the vehicles produced locally in the company's Lagos plant, it's apparently lucid that there was no compromise on the high standard of the plant and it remains one of the best in the country.
FEATURE
BENEFITS OF STARTING YOUR OWN BUSINESS NOW - Darlington Omeh
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hinking of starting your business is a good thing when the resources of getting started are in place. Also, having your own business established means you are practically taking a step to take control of your life, and your dreams. There are literally countless business ideas oating out there. Some are brand new ideas while others have been successfully implemented by thousands of people. Many of these ideas are simple, straightforward, and inexpensive to start, while others are a bit complex. Starting your own business may require a lot of process. But in my own opinion, I advise you to start small and simple, using your own hard-earned resources to execute the idea rst. Then the success gained
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and your entrepreneurial spirit may motivate you to take your business to the heights you may never have imagined. But you will never encounter such success if you do not give it a shot. There are lots of benets of starting your own business and some of them you might never know until you give it a trial. Here are tips and motivations that can help you to start a successful business:
sure you don't miss the moment and events that matter to you the most in life. You work your own hours and if you want to take a day off you don't need to call the boss. That does not mean starting your own business is a passport to relaxation, it simply means you'll have the freedom to decide when to work and when to rest. Sometimes, starting your own business could even mean working harder but you make that decision and not someone else making it for you.
Independence And Flexibility When working for yourself you tend to gain more freedom and independence. And once your business is rmly established, you'll probably have the exibility to make
You Decide Your Income If you are an employee, no matter how hard you work, you will always receive limited income even if you are the most efcient and most
qualied employee. If you are a business owner there is no limitation to how much money you can make. Your income will depend on how good and efcient you are in running your business. In a nutshell, you are the decision maker and everything lies in your hands. If you are extremely ambitious, starting your own business will give you freedom to compete and set target for yourself to even compete and become one of the very rich persons in your niche and community. You decide when to retire depending on how much money you've made and even when you retire, your business will still be making you money. Personal Fulllment In Your Own Business Having your own business can be more satisfying than working for someone else. Many successful small business owners enjoy the respect they get from their peers for having the courage to go out on their own and set up a business. You are not limited in applying your creativity, you have the freedom to experiment and take calculated risks that you dare not do if you are working under someone. When such creativity and risks bring positive results, you become the most fullled person on earth. You become a business creator and not merely a product of business creation. You can brag about your achievement and enjoy all the recognition you get. To Learn New Skills The more you work to build your business, the more you will realize how little you actually know. As your business expands, you will learn me management, marketing, general management, book-keeping, new types of problem solving, tax implication and so on. You will learn many things about yourself and what you can handle throughout the life of your business.
Don't be surprised if power is one of your goals, you will acquire power through your business and keep learning the skills of managing your power. In your business, you have employees who are out there to do your bidding your way. However, if power is important to you and you really want to retain it, think of using it in a more constructive way to build positive value.
Having A Vision
There Are Organizations to Help You Succeed
Most new business owners realize the dream of doing business through their own visions of how they can do things better. Your vision or idea often comes from businesses that are not providing service or products, and you feel you could improve them if you own a business that renders such services in more effective and efcient ways. Once you have a vision for a business, it is easier to turn that vision to reality.
There are non-prot organizations out there to help you succeed in your new business. They will provide you with guidance, specialized expertise, and even offer services in helping you establish your organization up and running. Small businesses are very important in the economy because it represents one of the workforce.
The quality of employees you hire could also determine your success or failure in a business. How many times have you sought out business products or services and dealt with poor customer service people? By hiring the employees that will get the job done, you can make your business better. Income Expectation Small business can be protable. It is not only big corporations that pull in big prots. There are countless stories of entrepreneurs landing a solid idea and exploiting it for a large nancial gain. And from a selsh point of view, you get to keep more of the prots if the business is your own.
There are several organizations that you can search on the web that have the resources to help you with any advice that you will need for your business. One of such organization is The United States Small Business Administration which is a Government agency that provides resources, guides, and advices to small business owners and startups. They also provide tools such as business plan software, etc. Doing Business which is powered by World Bank Group is another powerful resource platform for business startups. Here on WealthResult.com also we make effort to provide you with some of the nest business ideas to work on.
Starting your own business affords you the opportunity for professional growth. Entrepreneurs get to try their hands in all of the business from marketing to sales and business development. This gives business owners the ability to be more creative and become involved in the whole process of starting and running a new venture. This can also lead to more business opportunities in future as entrepreneurs learn all factors that make their business successful. Did you learn anything from this report? Share it with us through the comment section and help to empower others.
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NEWS
GOVERNMENT ADOPTS NIRP TO DRIVE INDUSTRIALISATION AGENDA
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he Federal Government has unveiled plans to adopt and implement the Nigerian Industrial Revolu on Plan (NIRP) as the policy document to guide its diversifica on and industrialisa on agenda. According to the Minister of Industry, Trade and Investment, Okechukwu Enalamah, the p o l i c y document which was launched by the previous asdministra o n in 2014, will ser ve as the plan on which the na on's industrialisa o n ambi on will be hinged. Besides, the Minister noted that while d o m e s c capacity will be developed for manufacturing, new export markets would be explored to understand their needs w h i l e challenges with e x i s n g markets would be addressed. Similarly, Enalamah stated that the Federal Government, having iden fied its infrastructural challenges, seeks to a ract investments through a public-
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private partnership (PPP) agenda by searching for preferred partners who show evidence of commitment to a long-term partnership, especially in financing industrial growth. Enalamah, while addressing journalists in Lagos, recently, explained that the present economic challenges offer the
na on an opportunity to break free from its tradi onal dependence on oil and gas and in its place develop a diversified export base and a solid base of domes c manufacturing. Worried about sustaining the financing
of its agenda, the Minister explained that partnering with private capital remains the most sensible approach to financing the administra on's substan al ambi ons, adding that the p r e s e n t c h a l l e n g e s c a l l fo r t h e deployment of innova ve financing solu ons, targeted at unlocking capital wherever it might be found. He said: “Regarding Industrialisa on, there is no doubt that Nigeria is long overdue to make the shi from being primarily an e x p o r t e r o f commodi es and raw materials, to being an industrial economy. Manufacturing currently contributes only a tenth to our Gross Domes c Product, much lower than it does in other emerging market economies. “Our Industrialisa on ambi on is hinged on the Nigerian Industrial Revolu on Plan (NIRP), launched by the previous government in 2014. It is now me to move that comprehensive document from Plan to Ac on. It is now our duty to implement that Plan in light o f c u r re nt re a l i e s , ta k i n g i nto considera on the lessons learnt in the two years since it was unveiled.
FEATURE
MADE-IN-NIGERIA PRODUCTS
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igeria is currently struggling with the value of the Naira which has been declining against the US dollar. No one knows how far it will fall before it stabilizes. As a result of the country's economic challenge, many have been calling on Nigerians to patronize made and Nigeria product. The thing is, Nigerians love imported goods because some of the made in Nigeria goods are of less quality and more expensive. Many have suggested we diversify the economy and not depend solely on crude oil. Well, let's see some of the things Nigerians have suggested could help grow our economy.
Exo c Nigeirian jewellery proudly made in Nigeria. You’d be amazed at how much these jewelleries are sold abroad.
Chairs made by Nigerians using the Ankara fabric
A welded bed proudly made in Nigeria. This is crea vity like no other. A Nigerian factory were shoes are made
Nigerian fruit juice Made-In-Nigeria
The all popular Ankara fabric on display, comes in dierent quality and designs for choice taste of fashion
Nigerian bangles neatly made from Ankara fabric, proudly Nigerian
Travelling to Dubai, the Bahamas and choice tourist centres around the world now cost a fortune, why don't you visit Tinapa, Obudu Ca le ranch, or Lekki game reserve next me.
T he latest Nigerian breakthrough in the automobile industry is the Innoven motors, proudly made in Nigeria.
You might want to try the Nigerian akes, rich, nutri ous and well packaged
Nigerian shoe and belt, well able compete interna onally
Nigerian crea vity in display, using the Ankara fabric on sneakers
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Ofada rice have been known to possess more nutri on than many other imported rice. Made in Nigeria.
Flours are consumed daily by billions of Nigerians. Interestingly, they are also made by us. Some good meal time with Nigerian made wheat, Oat, and Cocoa drink come in richness of taste and nutrition. Who says that Nigerian fashion designers aren’t up to the international challenge? Try Ouch. The fabric, style, class and glamour is top notche. Proudly Nigerian
Talking about fashion, there is no gain-saying that the House of Tara has been of immense contribution to adorning the looks of not just Nigeiran women but Africa. The Tara maek-up collections is proudly Nigerian
NEWS
HOW TO ACCESS BUSINESS LOAN FROM THE NIGERIAN BANK OF INDUSTRY
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aising startup capital for business from any commercial bank in Nigeria can be very difficult due to some stringent condi ons a ached to the collec on of loan facili es. However, owing to the difficul es being experienced by BOI's customers in accessing working capital facili es from commercial banks, the Bank of Industry has entered into partnerships with some commercial banks. Under the arrangement, BOI grants long term loans while the commercial banks provide the working capital to help reduce the cost of doing business in Nigeria. The Bank of Industry Limited (BOI) is Nigeria's oldest, largest and most successful development financing ins tu on. Who Can The Bank Of Industry Assist With Loan? Small, medium and large scale businesses, excluding co age industries. New or exis ng companies, s e e k i n g ex p a n s i o n , moderniza on or diversifica on. Credit worthy promoters who will be required to prove their commitment to the project by contribu ng at least 25% of the project cost excluding land. Borrowers whose management capability, financial situa on (including availability of collateral and guarantee), reputa on are incontrover ble. Clients with demonstrable ability to meet loan repayments. Borrowers with no record of unpaid loans to erstwhile development finance ins tu ons and other banks. Opera ng Principles P ro fe s s i o n a l i s m , exc e l l e n c e a n d integrity in the conduct of our business. Long term partnership (rela onship) with clients, based on shared
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responsibili es for the success of enterprises. Equitable commitment to the prosperity of all stakeholders. Assurance of Bank of Industry's viability, survival and capabili es. Lending decisions based on both project's expected viability and probability of loan repayment. Interest charges to cover cost of borrowing, risk and opera ng expenses. Support of businesses with poten als to be profitable, compe ve and sustainable and have substan al developmental impact. Project Selec on Criteria The bank's emphasis is on prudent project selec on and management; accordingly, it supports quality projects with poten al developmental impact. Bank of Industry therefore, considers
industries that meet the following criteria: · Capacity To Substan ally Add To Industrial Output. · P ro j e c t s t h a t u s e l a rg e l y domes c raw materials. An industry in which Nigeria's compara ve advantages could be converted to compe ve ones. · Ability to promote the expansion of exports through the produc on of high quality products that are a rac ve to domes c and export markets. Niche projects that produce for worldwide consump on. Projects that create both forward and backward linkages, with the rest of the domes c or regional economy. · Ventures that promote interstate or regional integra on. Small
and medium enterprises (SMEs) that have linkage with large firms and belong to clusters, and operate under franchise. Businesses with high employment genera on capacity. · The project must be technically feasible, commercially viable and economically desirable. Projects that a re e nv i ro n m e nta l l y f r i e n d l y. Businesses that have good management setup and proper accoun ng procedures. Businesses promoted by women entrepreneurs. The following industrial subsectors are also accorded priority in the project selec on: Agroindustries, tex le and leather Polymer-based industries, solid minerals foundries, and Informa on communica on technology (ICT) services Boaz is an approved B u s i n e s s D eve l o p m e nt Service Provider (BDSP) firm appointed by the Bank of Industry (BOI) - a Na onal Development Bank, with a mandate to support and develop new genera on of Industrial concerns under the Banks' ini a ve for developing Micro, Small and Medium enterprises in Nigeria. We improve the performance of an enterprise, its access to markets, and its ability to compete favourably through our array of Business support services which includes Training, Consultancy, Marke ng strategies, Informa on Technology, Business Process reengineering, Business linkage promo on, etc. Our Business Development Services include medium and long term processes with an aim to improving enterprise performance.
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BOOK REVIEW
THE BUSINESS OF FAMILY: PLANT SEEDS FOR A WEALTHY FAMILY TREE
"The Business of Family: How to Stazy Rich for Generations" is a guide to maintaining your family's hardearned assets. Author Linda Davis Taylor found that business owners invest more in their business than in the families that are supported by that business. It's time to change that and Linda Taylor's book, written by a fourth-generation investment consultant, shows us how. The goal of “The Business of Family: How to Stay Rich for Generations”is to bring the much-needed conversation about money to the dinner table. Why? Our families need it. As author Linda Davis Taylor shares in her book, more and more families are gaining assets that will be passed down to other family members one day. The problem is those hardearned assets are often gone within the third generation.
What is “The Business of Family” About? “The Business of Family” is not about how to make money as a family or where to put your money for a higher
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rate of return. Instead. but it is about keeping your hard-earned money (and other assets) within your family, generation after generation. You won't nd a lot of advice on where to put your money for a higher rate of return or how to create wealth. Instead, author Linda Davis Taylor focuses on investment in two things, values and education. These two things, in Taylor's opinion, are the key components missing from a family wealth transition or inheritance plan. Taylor bemoans, in several places in the book, about how business owners put time into creating a succession plan and training for their businesses, but fail to do this for their families. As a result, even if the individual business owner handles money well, all of that effort could be destroyed by the efforts of family members. (Just check your local gossip column, history book, or tabloid.) To solve that problem, Taylor suggests that families invest in themselves, like a business owner invests in their business. Like a business, families should consider their values and formalize them into a workable plan (family constitution), which serves as the family's strategy for increasing and passing down their wealth. This plan, updated on a regular basis through family councils, should include education in nancial IQ (money management and nance), as well as nancial EQ (values, mentoring, and behaviors, etc.). The result, if followed through, is a family that is well-informed about money in general, about their family's money specically, and has a written plan that guides everyone on board.
What Was Best About “The Business of Family” The best part about “The Business of
Family” is the straightforward solution for a sticky family problem, money. Taylor's answer invites readers to approach the issue in a collaborative but structured way designed to be passed down. In other words, instead of just passing down the money, families should also pass down the philosophy behind the money too. This is a rather forwardthinking approach, even in times where money seems to be moving faster than ever.
What Could Have Been Done Differently “The Business of Family” leaves out one big issue that could derail the whole project, family obstacles. Families often encounter large obstacles, heightened when you have large amounts of money. The book does touch on this a little, but more attention to problem-solving strategies would be helpful.
Why Read “The Business of Family” “The Business of Family” gives compelling support to the idea that families should have the “money conversation” on a regular basis, particularly when it comes to succession. It isn't enough to just do the paperwork for succession. It's also important to transmit the values and goals of succession to the person who will control the assets after it is passed down. Although heavily geared toward families with large accounts, the book offers advice that should form part of every family's money conversation. Regardless of what assets we pass down, if we don't invest in the people who will manage those assets, then our assets can become liabilities faster than we think.
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BUSINESS ADVISORY
PROTECTING YOUR INTELLECTUAL PROPERTY
D
uring wars, the expression – “loose lips sink ships” was formulated to remind everyone how unguarded conversa ons could quickly become ac onable intelligence for the enemy. This is s ll true today par cularly in ecosystems that are as dynamic and ever changing as electronic commerce and tech. In these spheres, ideas are currency and entrepreneurs are always looking to innovate and create value. Never forget that the law does not protect a mere idea. What the law recognises is not the abstract concept, but the representa on of this idea in a crea ve and original way – which we call Intellectual Property or IP. An inventor who carelessly shares his idea or even an actual inven on with poten al investors or even friends or family before obtaining the protec on of the law may find that he has lost first mover advantage even before he is able to push out a viable product. The origin stories of many runaway successes in the tech world (including Facebook depending on who you believe), are li ered with examples of entrepreneurs who shared an idea with third par es, so ware or website developers, poten al investors, or prospec ve cofounders before the ideas became 'protectable' property; and eventually, as a result, lost out on a lot of money. So what do you do when you have that eureka moment? The very first thing to do once you have an idea with poten al for commercialisa on is to bounce your ideas off legal advisers (who are bound by the codes of privilege and professional ethics and are thus safe to talk to) who have some familiarity with
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the market. With this kind of preliminary legal advice, you can determine which kind of IP protec on you can seek to obtain. To provide some general guidance, creators of literature, comics, so ware code, board games, videos and music may look to protec on by way of copyright. As a principle, copyright protec on is automa c, however, the Nigerian Copyrights Commission also maintains a register for holders of
copyright; and this may provide addi onal comfort to inventors. The challenge with copyright, however, is that in rela on to certain kinds of products, for example, much of what is p ro d u c e d by t h e e nte r ta i n m e nt industry, the law is very difficult to enforce. It is possible to obtain double protec on for some kinds of property. So ware, for example, can be protected at the level of the copyright of the coder/developer over the source or object codes; and also, based on the applica on of
Nigerian patent law, at the level of patent protec on. Patents operate to protect the process that the so ware implements. Patent protec on ensures you have absolute monopoly over the patented process, but can be quite technical, and is a bit expensive. Trademark protec on on the other hand, is relevant for all businesses – although they may be more important if your business is public (commonly business to customer rather than business to business); or depends on volume. A business may trademark its brand name, domain name and any dis nc ve mark that it trades with or is associated with. Registered trademarks are valuable because of the goodwill associated with the mark; and established brands create value by licensing the use of their trademarks; and this can add value to a start-up looking to a ract investment. While the enforcement of trademarks can be problema c, par cularly in Nigeria, the costs of failing to register the trademark of a business with high poten al for growth can, likewise, be quite high. I n s u m , c re a n g a n d p ro te c n g intellectual property is an important milestone when looking to commercialise your idea. Unfortunately, much of the me, entrepreneurs only seek legal assistance and advice a er the ship has sunk, i.e. someone has begun exploi ng their intellectual property without permission. It is obviously far wiser to take necessary ac on to avoid the torpedo in the first place.
NEWS
FEDERAL GOVERNMENT TO COMPEL MDAs TO BUY MADE-IN-NIGERIA PRODUCTS
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s a key part of the industrial revolution embarked upon by the Federal Government, states, ministries, departments and agencies will now be compelled to buy Made-in-Nigeria products in line with the local content provision for government procurement, the Minister of Trade and Investment, Mr. Olusegun Aganga, has said. He said that the upward review of the local content of goods procured by government's MDAs was aimed at increasing the productive capacity of local industries for job creation, wealth generation and, ultimately, economic growth and development.
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Aganga spoke during the Workshop (Day Two) on “Enhancing the Productivity of Industries” in Lagos, on Tuesday. He said that his ministry was working with the Manufacturers Association of Nigeria to ensure that local manufacturers also got higher shares in the supply of goods to be procured by the government. He said, “We are looking at the list of things that are procured by the Federal Government because the government is the biggest spender in the economy. So, we are looking at the items that are procured locally and working with the
industries to nd out which of these items are locally available so that our local manufacturers are patronised. “One of the highlights of the workshop today is how we can put an institutionalised framework that will allow us to match the government, the Manufacturers Association of Nigeria and innovators to possibly have an off-take agreements with them so that manufacturers can use that to raise funds to enable them grow their businesses.” He added, “We are also looking at reviewing our local procurement procedures to differentiate between
locally manufactured products and the ones that are imported. Where there is a differential of about 15 per cent, we are reviewing that to see if 15 per cent is the right number, or whether some sectors should be less or more. We are working with MAN to come up with the right number in this regard.” The minister stated that, as part of the industrial revolution, the Federal Government was considering a new paradigm that would boost the development of the steel industry. Aganga said that his ministry would partner the Ministry of Solid Minerals and Steel Development to
implement a backward integration policy that will enable the country explore and process the abundant iron ore deposits across the country to support industrial growth and development. He said, “We are embarking on an Industrial Revolution which is anchored on areas where we have comparative and competitive advantage such as agri-business,
solid minerals and petrochemicals. Also, we are concentrating on growing the industries that are labour-intensive so that we will be able to create jobs for our teeming population. For example, in the mining-related industry, we are collaborating with the Ministry of Mines and Steel to develop the chain in the steel sector. “There is no country that has industrialised without growing its iron and steel industry. In Nigeria, we import raw materials for the steel industry yet we have a lot. As part of our Industrial Revolution, we need to embark on big strategies, working
with the Ministry of Solid Minerals and Steel Development, to process the raw materials used for the steel industry.” The Minister of Mines and Steel Development, Mr. Musa Sada, said his ministry would work with the Ministry of Trade and Investment to develop the value chain for steel production.
Ministry of Trade and Investment to boost the development of the value chain for steel production. Already, we have carried out airborne magnetic survey of solid minerals deposits across the country to ascertain areas with large deposits of solid minerals to enable investors have adequate information on reforms to attract investors in the solid minerals sector by ensuring that the process is transparent and straightforward. “Small steel produce companies are not producing steel that meet standards. Currently, we produce some reasonable quantity of about a
million tonnes, but in the long run, we need to have enough iron ore to ensure a sustainable steel production that will fast-track the country's Industrial Revolution,” he noted.
He said, “We are working with the
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FEATURE
THE SPIRIT OF ENTREPRENEURSHIP IN AFRICA
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hat are some of the names that first spring to mind when you are asked to name billionaires? Bill Gates, Warren Buffet, Steve Jobs, Mark Zuckerberg; but what about Aliko Dangote, Mike Adenuga, Patrice Motsepe, Folorunsho Alakija and Abdulsamad Rabiu? Most people in West Africa have not heard of them but they are among the growing groups of African billionaires who have emerged in the last few years, and featured on Forbes list of “Africa's Richest”. “ S o m et h i n g ex t ra o rd i n a r y i s h a p p e n i n g i n A f r i c a ,” s a y s educa onal entrepreneur, Taddy Bleacher, who has twice received the World Economic Forum's Global
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Leader for Tomorrow Award. In a January 2013 ar cle published by the Skoll World Forum, he writes, “In the wake of enhanced poli cal stability and reduced war in the countries, it is c l e a r t h at a v i b ra nt s p i r i t o f entrepreneurship is kicking in the vigor.” Bleacher makes the point that is most advantageous for the people of Africa to make their future in their own hands. He believes that the real solu on of Africa is crea vity, hard work, entrepreneurship and the development of numerous small businesses. This all means more jobs and more buying power. The renewed spirit of entrepreneurship is a reflec on of the con nents' historical past. Francis Chinguta, a lecturer at the University of Zambia, says
“Entrepreneurship is not a new thing in Africa. According to historical accounts, Africans were the biggest traders who covered long distances to sell their wares and buy items for exchange and sale in their home areas. However, it is only in the recent years that the systema c efforts are being made across Africa to promote entrepreneurship as a means of promo ng growth and prosperity”. At the top of the latest Forbes “Africa's Richest'' list, with an es mated fortune of $18.3 billion in 2015, is Aliko Dangote whose wealth almost doubled in one year. About 90 percent of his net worth arises from his shareholding in the publicly traded company, Dangote cement, which operates in eight African countries and con nues to expand.
Recently he announced plans to construct new plants in Kenya and Niger a er declaring in May 2013 that he would build Africa's largest petroleum refinery a $9 billion complex in Nigeria. Dangote created Dangote group as a cement company and in 1980s he diversified and started trading in commodi es like sugar and flour. About 15 years later, he began procuring pasta, sugar, salt and was soon on his way to the billionaires
partner at a Johannesburg law firm b e fo re s t a r n g a c o n t ra c n g business in the mining industry. In 1994, he acquired low producing gold mine sha and turned them into an enormous money making venture. Giving back to the community, Motsepe donated $1.2 million in 2013 to help get rid of poverty and unemployment in the rural areas of Cape Town. His commitment to the Giving pledge is to give half of the
every type of business imaginable. Take for example, Lovin Kobusingya, a 29 year old mother of two in Uganda who sells more than 1,000 pounds of fish sausages a day. “I a l ways k n e w I wa s a businesswoman” she says, “when I was in high school, I used to sell illegal sweets, and I made money. I made a lot of money”. In Nigeria, Adenike Ogunlesi got started by selling pajamas out of the truck of her car. Today, she runs a
club. The Dangote group is now West Africa's largest publicly traded conglomerate and provides jobs to more than 11,000 employees. In South Africa, Patrice Motsepe , whose wealth is valued at $2.7 billion, is a man of firsts. He is the country's first African to publicly pledge to sign Bill Gates' and Warren Buffet's Giving Pledge. Motsepe's mining conglomerate, the publicly traded African Rainbow Minerals, has interests in pla num, nickel, chrome, iron, manganese, coal, copper and gold. Born in Soweto, he qualified as a lawyer and become the first black
income from assets owned by his family to the Motsepe founda on with an ini al $50 million donated within the next 5 years. It is not just men that are domina ng the list, women are the backbone of the new economy. According to World Bank, the rate of female entrepreneurship in the African con nent is higher than anywhere in the world. And nearly two third of the women goes to work. Even a country that has come under scathing cri cism for abuse of human right s and civil liber es fare well when it comes to equality of the sexes. Women across Africa have founded
regional children's clothing empire. In South Africa, Sibongile Sambo set her sight higher, she heads up an exclusive aircra business, and in Kenya, Ory Okolloh, just 23, helped launch breakthrough crowd sourcing so ware that tracks emergency events in real me as they happen. Originally focused on the violence following Kenya's 2008 presiden al elec on, it is now used by Google. All of the people men oned so far are but a representa ve selec on of people who are making it happen in Africa. Together, along with countless others, they are contribu ng to the revitalized Africa.
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NEWS
HAVE A BIG IDEA? YOU COULD WIN $25,000 SEED CAPITAL AT THE MTN ENTERPRISE CHALLENGE
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f you are an aspiring young talent or experienced entrepreneur, you probably would have heard about the MTN Entrepreneurship Challenge. Then it would be exciting to learn that applications for this challenge are now open and your startup could be on those winning over $50,000 in total prize give aways. The MTN Entrepreneurship Challenge, powered by Jumia, is a pan-African competition which will bring together over 1000
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entrepreneurs, students and investors, to collaborate on ways to amplify and consolidate the continent's entrepreneurs. The team of participants could comprise of two or three members, one of whom must currently be a student or a recent graduate of an African university. Shortlisted teams will then move on to pitch at a live presentation at their selected campuses between 1-8 April 2016, after which ve semi-nal teams would be drawn.
The nalists will be announced on 16 April 2016, and will get the opportunity to attend the Entrepreneurship festival, hosted at the University of Cape Town Graduate School of Business in South Africa on May 27 2016. Finalists will have to pitch their business to a room of successful entrepreneurs, business leaders, judges, investors and international media, after which the winner of the challenge will be announced.
NEWS
SARAKI’S SPOKESMAN SAYS MADE-IN-NIGERIA MOVEMENT WILL JUMPSTART OUR ECONOMY
- Clement Ejiofor
body language of thought-leaders across the board will shift positively towards ensuring the much-needed political will to encourage local production and consumption of goods. In particular, the recent visit of the president of the Senate to the madein-Aba trade fair held in Abuja, and the recent online discussions r e g a r d i n g #BuyNaijaToGrowTheNaira have kicked off the opening of a new vista in the way the use and patronage of locally manufactured goods are seen. Prior to this awareness, the average Nigerian viewed Kereksuk Rice from Nasarawa, Igbemo Rice from Ekiti state and the Nasco Corn Flakes from Plateau state as substandard in comparison with the Thai rice or Kellogg's Corn Flakes. This narrative is about to change.
Editor's note: Bamikole Omishore, Bukola Saraki's assistant on new media, is positive that amending laws and creating opportunities for Nigerian manufacturers of goods will yield positive results. In his essay, Omishore explains exactly what moves are required from governments at all levels.
W
ith the continuous fall in the value of the naira against other currencies in the world market, it is gradually becoming imperative for Nigerians to come to the realization that it is time
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to focus on patronizing locally manufactured products. It has indeed dawned on many of us that the economy will not improve except we take pride and ownership in made-inNigeria goods and services. The National Assembly under the leadership of Dr. Abubakar Bukola Saraki has been working assiduously in this respect as the Senate moves to ensure the amendment of the Procurement Act and give legislative backing to the expansion of the responsibilities of the Bureau of Public Procurement. Above all, the
The United States Buy American Act of 1933 remains a benchmark to follow for the Nigerian government in its efforts to strengthen our local industries via the basic economic forces of demand and supply. The new procurement laws which the Senate under Dr. Bukola Saraki foresees will guarantee more productive conditions for the local manufacturing industries, while also tackling unemployment and bringing back the pride of Nigerians in their locally produced goods — amidst competition from foreign products. The amendment of the Public Procurement Act of 2007, as stated by Dr. Bukola Saraki, will make it obligatory for ministries, departments
and agencies of the Federal Government to rst consider and patronize Nigerian products before their foreign alternatives. The passage of the revised law, which will change the key word from “may” to “shall,” will make it mandatory for government agencies to patronize made-in-Nigeria products when available. This alteration, once signed
adulterated or substandard versions of foreign alternatives because the market is available. Also, it is high time we pumped the very best into our markets to ensure overall consumer satisfaction and build condence in Nigerian brands. The Senate will also ensure that effective laws are in place to ensure that the Manufacturers Association of Nigeria and the
It is worthy of note that the executive is also well positioned to key into promoting the use of made-in-Nigeria products with his appointment of tested hands like the minister of p o w e r, w o r k s a n d h o u s i n g , Babatunde Fashola. President Buhari has also shown that he is committed to ensuring that our infrastructural networks in Nigeria are improved.
into law, will have ripple effects on the manufacturing industry, as it will assure local manufacturers of a ready and sure market for their products.
Standards Organization of Nigeria will renew their commitment to ensuring high standards in this respect.
While all these efforts are ongoing, the leadership of the Senate has also assured the Nigerian public that it will work with domestic manufacturers and producers to ensure that their products are up to par with foreign competitors, by the proper legislative oversight of agencies mandated to ensure the standards and qualities of products.
The state houses of assembly should also toe the line of the National Assembly in ensuring that enabling laws are put in place to both jumpstart the Nigerian economy and inspire the growth and development of their state and local industries. For active citizens like myself, a new procurement law will mean value for money, economic efciency, and national condence – especially in the use of public funds and, of course, improved reliance in the government procurement process.
These strides, once fully implemented, would help increase the business productivity of producers, and create more accessible channels for goods to crisscross the federation.
Nigerian products must have comparative advantage. Made-inNigeria goods should no longer be
As the naira continues to depreciate and the Federal Government continues to increase the number of items that will not be able to access forex, it is my hope that these strides by the Saraki-led Senate will motivate Nigerians to look inward to see how we can produce goods that we will otherwise have imported.
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FEATURE
HOW TO REGISTER AND OBTAIN NAFDAC APPROVAL FOR PACKAGED CONSUMABLE PRODUCTS IN NIGERIA
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ake drugs and substandard packaged foods, have sent a large number of people in Nigeria to their early graves simply because these products are widely available and sold in chemist shops and some mes in the open market at cheap prices. To stamp out this ugly trend from the country, the Federal government of Nigeria through the Na onal Agency for Foods, Drugs Administra on and Control ( N A F DA C ) h a s p u t s o m e d ra s c measures in place to checkmate the ac vi es of some dubious business men who import/produce and flood our market with harmful drugs, cosme cs, foods and chemicals. NAFDAC, as an agency of the Federal government has been authorized by law to register products, regulate and control the importa on/distribu on of products in Nigeria. It also carries out regular inspec on on imported goods in various ports and also monitors companies that manufacture drugs, cosme cs and packaged foods in Nigeria to ascertain if their produc on facili es are okay and their products safe for human consump on. In fact, the NAFDAC authori es have gone far in the eradica on of fake/substandard products in Nigeria. They have from me to me confiscated and destroyed tons of fake drugs, foods, bo led water, cosme cs and chemicals that are worth billions of Naira. Therefore, if you have not go en an approval for that product you are manufacturing or marke ng in Nigeria, it is be er you go and register quickly to avoid NAFDAC sealing up your factory and also blacklis ng your product from being sold in the country. Just think of the effort, me and money you have
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invested into your business, it must not go down the drain! To start the registra on of your product with NAFDAC, below are the requirements/condi ons you must meet before you get approval and cer ficate of compliance.
NAFDAC REGISTRATION REQUIREMENT FOR DRUGS, COSMETICS AND FOODS PRODUCTS. 1. First thing, you will need to obtain a registra on form (D-REG/001) from any NAFDAC offices in Nigeria or s ll you can download it from their website. (Check the website address at the end of this post) 2. Fill the registra on form and write an applica on le er. Note, your applica on le er should contain the name of the manufacturer and brand name of the product. 3. The completed Registra on Form and le er of applica on for each product should be returned to NAFDAC registra on department with the
following items: · Five copies of wri en report for the product. · Three packets of product samples. (Drugs, cosme cs or food) · Name and copies of the current license of your company's superintendent/produc on Pharmacists or Chemist. · The Registra on License you obtained from Pharmacists Council of Nigeria (PCN) that allows you to use your present factory for drug produc on. Or a l i c e n s e o b t a i n e d f ro m re l e va n t professional bodies. · Pay registra on fees at NAFDAC designated bank. Below are the registra on fees for various products. · Pharmaceu cal drugs produced in Nigeria cost =N25, 000 to N70, 000. · Pes cides/Chemicals cost =N40, 000. · Cosme cs cost = N40, 000 · Sachet Water cost = N30, 000 · Bo led Water cost = N50, 000 · Packaged Foods cost = N40, 000 · Herbal drugs cost = N10, 000 to N20, 000. 4. To quicken the approval of your products, you will need to fix a date and invite NAFDAC officials to come and i n s p e c t yo u r fa c to r y / p ro d u c o n facili es. With the above informa on, I'm quite sure you must have discovered the importance of obtaining NAFDAC approval for your product and how to go about the registra on with ease. For more informa on you can also visit their website at www.nafdac.gov.ng
HEALTH
5 REASONS WHY A NAP IS NECESSARY FOR YOU AS AN ENTREPRENEUR - Debby Goldrose
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i Entrepreneur,
Glad to have you here. Have you ever wondered if there was anything to this short nap a.k.a Power Nap that we fall into sometimes? Well, I have always wondered because often when I awake from this nap I feel so vibrant, refreshed and agile again and sometimes I wake up feeling more tired than before. So I had to search out why this is so. This was what I found: First of all, let's dene a power nap. Google dictionary denes power nap as a short sleep taken during the working day in order to restore one's mental alertness. Studies demonstrate that naps are as good as a night of sleep for some types of memory tasks. Some companies have nap rooms to allow employees take a power nap! I don't know of any company that's got that in Nigeria yet but wouldn't that be cool to have? Research results done by Sleep Researcher, Sara Mednick showed that a 60-90 minute nap is more
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effective than caffeine in memory and cognition. The essence of a short nap is to fall asleep and wake up just before you enter into deep sleep. If you fall into a deep sleep during a nap, you might end up waking up feeling more tired than before instead of feeling refreshed. Now this made me wonder how long an effective nap (one that would make me feel refreshed) should last. Experts recommend an average of 6-20 minutes nap at most, making sure that you don't nap for up to 30 minutes because that's how long your brain needs to enter into dreamland! So what are the health benets of this power nap? 1. You did not get a good night's sleep? Try a power nap! Not getting a good sleep can cause hormonal damage that would not to be corrected until you sleep again. Research according to a 2015 Science Alert Study says that a power nap can help reverse the damage caused by sleep deprivation and so you don't have to get a whole day's sleep to pay your debt.
2. B o o s t s P r o d u c t i v i t y A n d Alertness: From a study made by a scientist, Rajiv Dhand, he noted that a nap as short as 6 minutes can improve one's performance, alertness, productivity, promotes learning and also reduce fatigue. 3. Memory Improvement: Yes we know that sleeping improves our memory but a Study from the Journal of Sleep Research, 2008 has conrmed that a short nap does the same thing also. 4. Stress Reduction: Research has found that regular napping may reduce stress. It is also advised to take a nap instead of reaching for that cup of coffee to stay alert! 5. Heart Benet: Studies have also linked napping with heart disease. It may also decrease your risk of heart disease. Never under-estimate the benets of a power nap! Would you like to give it a try? In the ofce? Hahaha, I don't know the kind of boss you've got so please don't say I told you to take a short nap o! But in case you were caught napping at work, you can tell your boss that the National Institute of Mental Health Team says:“We should stop feeling guilty about taking a 'power nap' at work.” I didn't say so o!*RunsAway* Thanks for dropping by. Keep staying healthy!
LEGAL
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PATENTING YOUR PRODUCT IN NIGERIA
patent protects new inven ons and covers how things work, what they do, how they do it, what they are made of and how they are made. It gives the owner the right to prevent others from making, using, impor ng or selling the inven on without permission. Your inven on must be new, have an inven ve step that is not obvious to someone with knowledge and experience in the subject, be capable of being made or used in some kind of industry and not be, a scien fic or mathema cal discovery, theory or method, a literary, drama c, musical or ar s c work, a way of performing a mental act, playing a game or doing business, the presenta on of informa on, or some computer programs, an animal or plant variety, a method of medical treatment or diagnosis, against public policy or morality. The Patents and Designs Act of 1971 Cap. 344 is the substan ve law governing affairs of patents in Nigeria, while the Patents Rules regulates the procedures adopted at the Patent Registry. Under sec on 26 Patent and Designs Act, the Jurisdic on to hear and dispose of legal proceedings under the PDA is vested in the Federal High Court and the sec on also provides that the provisions of the Trade Marks Act applicable to legal proceedings under the Act shall apply with necessary modifica ons to legal proceedings under the PDA. Requirement for registra on: Every patent applica on made in Nigeria shall contain a pe on or request for a patent signed by the applicant or his agent and containing the applicant's full name and address; a specifica on, including a claim or claims in duplicate;
plans and drawings, if any, in duplicate; where appropriate, a declara on signed by the true inventor reques ng that he be men oned as such in the patent and giving his name and address; a signed power of a orney or authoriza on of agent if the applica on is made by an agent; an address for service in Nigeria if the applicant's address is outside Nigeria; and the prescribed fee.
Foreign Priority: Where the applicant seeks to avail himself of a foreign priority in respect of an earlier applica on made in a country outside Nigeria, he shall append to his applica on a wri en declara on showing the date and number of the earlier applica on, the country in which the earlier applica on was made, and the name of the applicant who made the earlier applica on. The applicant will be expected to furnish the Registrar, not more than three months a er the making of the applica on in the ini al country with a copy of the earlier applica on
cer fied correct by the Industrial Property Office (or its equivalent) in the country where the earlier applica on was made. The principle of Res tu on in interregnum does not apply with respect to priority term in the case of a conven on applica on. Claims and examina on: A patent applica on shall relate to only one inven on, but may include in connec on with that inven on, claims for any number of products or for any number of manufacturing processes for those products, and for any number of applica ons of those products. It may also include claims for any number of processes, and for the means of working those processes, for the resul ng product or products and for the applica on of those products. Under the provisions of the PDA, the Registrar is only permi ed to examine every patent applica on as to its conformity with certain sec ons of the Act, such examina on being in essence formal in nature. There is no provision in the Act on the substan ve examina on of a patent applica on. Dura on and lapse of patent: Every patent in Nigeria shall lapse at the end of the twen eth year from the date of the filing of the relevant patent applica on. A patent shall also lapse if the prescribed annual fees are not duly paid in respect of it, provided that a grace period of six (6) months shall be allowed for the payment of the fees; and if the fees and the prescribed surcharge are paid within that period, the patent shall con nue as if the fees had been duly paid.
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Civil & Structural Engineering Works