The amount, which is
The report noted that the flagrant violation of the rules and policies governing the trade of copyright materials means the government cannot generate much-needed tax revenue from IP to fund the development of the creative industries.
"It also means that the country is losing its ability to attract foreign direct investment to harness opportunities in the creative industries as pirates become kingmakers," explained
Currently, a single pirated disc with multiple copyright-protected contents is L$100 (
The Inspection Report also blamed the high rate of piracy for the limited growths in the film and music industries, as well as denying the industries international co-production, and distribution opportunities in foreign markets where a 'chain of title' (the bundle of documents that prove ownership of the rights in a film) is a prerequisite.
"Time is running out; therefore, the government needs to act before it is too late,
It further states that majorities of the pirates, most of whom are Nigerians, have created a parallel system of identification and tracking instead of the government's own. The parallel system, according to the report, has resulted in lost revenue and limited sale of the government's own holograms security device, which protect and distinguish original creative works from duplicate.
"Instead, the pirates have developed their logos or sign engraved or pasted onto the blank tapes to distinguish the various works. The vast majority of the pirated audio-visual content is from Nigerians; however, this is not strange since most of the pirates are Nigerians,"
Meanwhile,
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