The growing realization of knowledge as critical driver of economic growth and development is, no doubt, driving nations into harnessing the benefits of a knowledge economy. Yet, there is the paucity of empirical studies to help unpack the link between knowledge, health and wealth in the context of an emerging economy, for example, Nigeria. This paper examines the sociology of individual knowledge and creativity as a key production value and panacea for economic growth and global repositioning.

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... Importantly, it examines whether the Nigerian economy is knowledge patent ready, and what kind of social arrangement would enhance or impede knowledge generation and its diffusion. Using the interpretive paradigm, through the inductive analysis of some knowledge-based economies, the study draws on the Burrell and Morgan's typology of sociological paradigms to develop a KBE (Knowledge-Based Economy) framework. The findings from the study reveal that there is a disequilibrium in the supply and demand for skilled and proficient manpower in Nigerian, especially in the trades sector. There is a need to strengthen the Nigerian patent law to give protection and incentive for idea generation, diffusion, and commercialization. Similarly, there is a need for secondary institutions and infrastructure that would provide a breeding ground for practical skill development for start-ups and university-industry collaboration.