Economic Implications of the Copyright Act 2022

1 year ago

Inalegwu Ochoche Aje

 

On the 22nd of March, 2023, President Muhammadu Buhari assented to the Copyright Act 2022. The Act 2022 repeals the Copyright Act, Cap C28, Laws of the Federation of Nigeria, 2004 and enacts the Copyright Act 2022 to provide for the regulation, protection and administration of copyright.

 

The Copyrights Act will improve Nigeria's creative economy and make it more globally competitive in the digital age. 

 

Objectives of the Copyright Act

The objectives of the new law are to:

·       Protect the rights of authors and ensure just rewards and recognition for their intellectual efforts;

·       Provide appropriate limitations and exceptions to guarantee access to creative works;

·       Facilitate Nigeria’s compliance with obligations arising from relevant international copyright treaties and conventions; and

·       Enhance the capacity of the Nigerian Copyright Commission for effective regulation, administration, and enforcement.

The new copyright act prescribes that a literary or musical work shall be the exclusive right to do and authorize the doing of any of the following acts:

 

(a) reproduce the work;

(b) publish the work;

(c) perform the work in public;

(d) produce, reproduce, perform or publish any translation of the work;

(e) make any audiovisual work or a record in respect of the work;

(f) distribute to the public, for commercial purposes, copies of the work through sale or other transfer of ownership provided the work has not been subject to distribution authorized by the owner;

(g) broadcast the work;

(h) communicate the work to the public;

(i) make the work available to the public by wire or wireless means in such a way that members of the public can access the work from a place and at a time independently chosen by them;

(j) make any adaptation of the work; and

(k) do in relation to a translation or an adaptation of the work, any of the acts specified in relation to the work specified under this section.

 

The new Copyright Act makes the following works eligible for Copyright:

 

(a) literary works;

(b) musical works;

(c) artistic works;

(d) audiovisual works;

(e) sound recordings; and

(f) broadcasts.

 

Copyrights are vital in promoting creativity, innovation, and economic growth. The newly signed copyright law creates a framework enabling Copyrights to thrive in Nigeria. There are several advantages of Copyrights for creators and innovators; these include;

Benefits of the Copyright Act

The New Copyright law provides several economic benefits, including:

Encouraging creativity and innovation: The Copyright law will protect the rights of creators and incentivize them to create new works by providing exclusive rights to use, distribute, and sell their creations. This, in turn, encourages innovation and creativity, which can lead to the development of new products and services and ultimately drive economic growth.

Promoting competition: The Copyright law will create a level playing field for creators and help prevent unauthorized use of their work, which can lead to unfair competition. This ensures that all creators have an equal chance to profit from their work and encourages healthy competition in the marketplace.

Generating revenue: Copyright law allows creators to earn money from their work through licensing, royalties, and other means. This can help support the livelihoods of creators and contribute to the economy.

Helps small businesses and entrepreneurs: By defending their intellectual property, copyrights enable small firms and entrepreneurs to compete with larger corporations. This protection allows them to develop distinctive goods and services that stand out in the marketplace.

Promotes Global Trade: Because copyrights are recognized on a global scale, authors may defend their works in a variety of marketplaces. International commerce and investment are promoted by this protection, which may contribute to the expansion of the world economy.

Facilitation of Economic Growth: An effective Copyright framework allows producers to monetize their output. A Copyrights system gives producers the right to sell their works for cash and reinvest it into their companies, boosting employment and the economy.

Attracting Investment: Copyright laws provide a stable legal framework that protects the rights of creators and investors, which can encourage investment in creative industries. This, in turn, can lead to the developing of new technologies, products, and services that can drive economic growth.

Copyright laws provide a crucial foundation for creative industries to thrive and contribute to economic growth, innovation, and job creation.

Inalegwu is the Private Sector Liaison, NASSBER. Reach him on ochoche.inalegwu@nesgroup.org