Patent system is generally regarded as a catalyst for technological and socio-economic development through the workings of useful patents for the overall benefit of the society. By securing proprietary rights in patented invention, the patent system encourages research and development (R&D) needed for the promotion of innovative and inventive enterprise.
Kenechi Mbajiorgu (Research Fellow 2 @ NIALS)
Recession, stagnation, inflation, even stagflation are negatives that have become familiar with respect to descriptions of the current status of the Nigerian economy. An economy is said to be in recession when there is a decline of the Gross Domestic Product (GDP) for two consecutive quarters within one economic year.
Ebele Ogwuda (Assistant Research Fellow @ NIALS)
Election is considered to be one of the key drivers of democracy because it engenders smooth transition in government, sustenance of democracy, accountability and transparency in governance. It involves a formal decision-making process by which the people select candidates that will occupy elective posts.
It is against this background that the Independent National Electoral Commission (INEC) was established under section 153 of the 1999 Constitution (as amended) and Section 1 of the Electoral (Amendment) Act, 2011 as an independent body solely responsible for conducting and coordinating elections and other ancillary matters in Nigeria. The role of INEC in the electoral process in Nigeria can therefore not be overemphasized.
Forfeiture proceedings are an aspect of the asset recovery process. Forfeiture proceedings serve as powerful deterrent measures as they deprive criminals of the proceeds of their crimes. Generally, forfeiture proceedings are initiated in court where an application for forfeiture has been made by the prosecution. The court has powers to grant interim forfeiture orders pending the establishment by the prosecution that the property has a criminal origin (proceeds of crime) or was used in the commission of an offence (instrumentality of crime). The conviction of a defendant in Nigeria is a pre-requisite for obtaining a final order for the forfeiture of the proceeds of crime – this means that criminal forfeiture which is largely conviction-based forfeiture is what applies in the country and civil forfeiture is yet to be codified in Nigeria. Forfeiture proceedings are part of the sentencing process in Nigeria. Where there is a final forfeiture order, the properties subject to the order are usually forfeited to the Federal Government. See section 20(2) of the Economic and Financial Crimes Commission Act (EFCC Act).
The major aim and role of the World Bank also known as the International Bank for Reconstruction and Development (IBRD) is the reduction of poverty and the promotion of sustainable development in developing countries.
Corruption has been a great source of concern for the Bank alongside other organisations as it hinders the mandate of the Bank which is development of the world’s poorest countries and ending extreme poverty by 2030. Corruption in times past and now has been recognised as a developmental policy issue and its reduction has formed part of the recently established Sustainable Development Goals. Good governance and anti-corruption is seen by the World Bank as essential in its strong fight against poverty.