It seems I was finally able to deploy the Governance canister locally it took only the all day…
So, if anyone is ever looking to do the same, please note that PROTOBUF is required - i.e., you cannot encode your arguments with Candid to spin up an NNS Governance canister.
I had to update the @dfinity/nns-proto library (PR +79,445 −8,353) and then rewrite a chunk of code in my feature (PR). I think we originally planned to abandon this library given that it is not used anymore as it was primarily meant for the hardware wallet which now also uses Candid. So, I’ll speak with my colleagues to either release a new version, or I’ll just fork it.
Besides that, let’s now continue with the next issue 
: Exchange rate canister required to deploy CMC