Patents are exclusive time-bound rights given to an inventor by a government where such inventor successfully demonstrates that his disclosed invention is novel (new) and capable of industrial application.One of the goals of the patent registration system is to encourage innovation and invention by securing for the inventor, the exclusive right for a fixed period, to commercially exploit his invention and restrict all other persons from imitating or otherwise exploiting the invention without the inventor’s permission.
Patents, therefore, create private monopoly rights for the holder and incentivises research thereby playing a developmental role by encouraging invention in the society. In Nigeria, the significant increase in the pace of industrial and technological development has increased the relevance of patent protection for inventions. There is now an increasing need for investors to be concerned about the patentability of their inventions and the possible liabilities they may incur from infringing on another inventor’s patent.