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Government Initiates Measures to Enhance Economy via Foreign Direct Investment

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Published Date: March 12, 2024

Ambassador Nura Abba Rimi, the Permanent Secretary of the Ministry of Industry, Trade, and Investment, has emphasized the government’s commitment to enhancing the Nigerian economy through the ‘Renewed Hope Agenda.’ This agenda aims to foster economic growth, attract foreign direct investment, and promote the production of goods and services for both local consumption and export. Speaking at the annual interactive session of the Trade Marks Registry, themed “The Trademarks Registry under the new Business Facilitation Act 2023,” Rimi highlighted the importance of a robust intellectual property regime in attracting investors and fostering market stimulation, business promotion, creativity, innovation, job creation, and wealth generation.

Rimi stressed the significance of updating Nigeria’s Trade Marks system to align with international standards, especially with the African Continental Free Trade Area (AfCFTA). He acknowledged the challenges faced by the Trade Marks Registry and assured stakeholders that their recommendations for improvement would be considered by the government.

Dr. Adamu Yauri, Director of the Trade Marks Registry, pledged to address the challenges promptly. He noted improvements in addressing issues such as power supply, publication of journals, and backlog of applications. However, he acknowledged remaining challenges such as an inefficient registration platform, low budget allocation, and inadequate working tools, which hinder service delivery. Despite these challenges, Yauri expressed optimism in resolving key issues and enhancing the Registry’s capacity to provide efficient services to its stakeholders.

Source: FG moves to improve economy through direct foreign investment – Peoples Daily Newspaper (peoplesdailyng.com)

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