Introduction
Last week’s column had indicated that, starting today, I would seek to draw lessons arising from global experiences with national local content requirement (LCR) regimes, which are aimed at maximizing economic benefits derived from the creation of export-oriented oil and gas extraction industries, based on significant domestic resource finds. I shall further indicate these experiences are very varied and derived from a wide range of both developed and developing economies. Of significance also, these experiences have been growing at a significant rate since the early 2000s.
The Organization for Economic Cooperation and Development (OECD) in a recent Trade Policy Note has revealed that, commencing with the financial crisis of 2008 and up to February last year (2016), as many as 140 LCRs regimes have