ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book focuses on institutional and legal frameworks for local content development. It examines the Nigerian Oil and Gas Industry Content Development Act 2010. The chapter also examines its provisions, prospects, drawbacks, implementation, enforcement, and legality in the light of international trade law. It analyses the role of national oil companies in local content development. The experience of quite a number of the resource rich countries (RRCs), especially among the developing nations of Africa, and in some parts of South America, has however demonstrated that ownership of vast natural resources is one thing, translating them into sustainable prosperity and a higher standard of living for their citizens, is another thing entirely. The chapter also analyses the role of a specialised local content in the development of resource rich regions of RRCs, using the Niger Delta region of Nigeria as a case study.
