The Role of Innovation in the Economic Development of Nigeria

Abstract

Innovation is very imperative for the economic development of any nation. This article assessed the various sectors of the Nigerian economy that need innovation; the defects in the legal framework for the protection of innovators in Nigeria; investigated factors challenging technological innovation in the country. Data were collected from statutes and case laws, textbooks and the internet. It was discovered that the level of innovation and technology in Nigeria is low and the Nigerian patent law is weak. Factors posing challenges to innovation in Nigeria includes institutional framework; human capital; research/innovation infrastructure; and sophisticated business community. This article recommended that the Government should evolve policies that would address the challenges in technological innovations.  The patent law needs amendment. Modern research facilities should be established and human capital developed. In conclusion, the Nigerian economy can compete globally if the above challenges are resolved.