The right of people to self determination is one of the fundamental ideas behind the creation of nation states.
Self-determination is regard to people being in control of their future or in other word – sovereignty.
Sovereignty position itself as political independence, economic independence and cultural and societal independence.
Parliaments and constitutions are symbols of authority.
The exercise of authority or the execution of powers is the factor on whether the authority has the resource capacity.
All governments need resources to exercise their power.
Hence, governments must ensure that they have sustainable and consistent supply of resources.
If the authority has its own resources, it exercises its own powers.
If the authority has its resource needs supplied by a third party, its powers is utilize only as the will of the third party.
If the authority has its needs supplied by its people, then it expresses the will of the people.
If we look at the relationship between resource ownership or wealth and the exercise of political power, we apparently will understand that political power is based upon the ownership of wealth.
In other words, economic independence of a nation produces true political independence of a nation state.
Political independence founded upon economic independence.
Economic independence is the control of the wealth of a nation by majority of its citizens.
Economic independence is a necessary indication for the creation of a politically independent nation.
A nation for the people and by the people is only possible where the people are in charge of the economy of the nation.
Aboyade, O. (1983). Integrated Economics: A study of Development Economics. London: English Language Book Society.
Namorong, Martyn, Independence & Development: Economic & Political Independence, 2012
Obadah, M. I. and F. A. Odusola (1999). “Savings, Investment and Growth Connections in Nigeria: Empirical Evidence and Policy Implications. “NCEMA Policy Analysis Series Vol. 5, No. 2.
Salawu, Bashiru, Muhammed, Abubakar Y., Adekeye, Deborah S. & Onimajesin, Isiaka S., Neglecting Development Plans and Its Implications for Democracy