A Trademark is an intellectual property right that protects a brand name, logo, slogan, or symbol associated with goods or services. It is registered under the Trademarks Act in Nigeria.
Benefits:
-
Provides exclusive rights to use the mark in Nigeria.
-
Protects against imitation, counterfeiting, or brand misuse.
-
Increases brand recognition and business value.
-
Can be licensed or franchised for additional revenue.
Limitations:
-
Registration can be lengthy and requires professional assistance.
-
Protection is territorial (only covers Nigeria unless extended abroad).
-
Trademarks must be renewed periodically to remain valid.