NCC Urges Banks And Financial Institutions To Accept IP Asset Collateralization In Order To Help SMEs

The Nigeria Copyright Commission (NCC) has urged banks and financial institutions to accept IP asset collateralization in order to help SMEs in the creative sector and increase their contribution to the country’s Gross Domestic Product (GDP) (GDP).

Mr John O. Asein, Director-General of the Nigerian Copyright Commission (NCC), stated in a statement signed by the commission’s Director of Public Relations, Mr Vincent Oyesefor, that copyright, like other IP properties, has importance that should be exploited for long-term national growth.

According to him, the commission is willing to collaborate with relevant agencies and stakeholders to further investigate this issue.

“SMEs are the backbones of national economies, delivering goods and services, serving as incubators for innovations, and wellsprings of creativity,” he said.

“When passed into law, the new Draft Copyright Bill will help SMEs grow by providing adequate protection in the digital environment and on the many online platforms,” says the author.

He stated that suitable regulatory solutions are being established to promote better licensing practice and help in the efficient use of flexibilities to expand copyright-related industries, and that the commission will ensure secure corridors for copyright works from the point of development to the market.

“Taking into account today’s market realities, the Commission will also improve the copyright registration system to make it more user-friendly and responsive to the needs of SMEs.

The director-general urged industry professionals to support the commission’s efforts by focusing more on the business aspects of their creative endeavors, such as rights approval, licensing, marketing campaigns, and rights management.