Background to the study
The concept of self-determination has evolved into a legally recognized and enforceable right, with its inclusion in the Charter of the United Nations. This right empowers individuals, states, and communities to assert and claim control over their political fate, economic well-being, and social and cultural destinies. The focus of this work is on the economic aspect of the right to self-determination, recognizing the crucial role that economy plays in the realization and enjoyment of other components of self-determination.
The right to economic self-determination has received international attention and initiatives at the global, continental, and regional levels. This includes the UN General Assembly Resolution 1514 of 1973, which confers permanent sovereignty over all natural resources to states. Additionally, states have the right to fully enjoy their natural wealth and even expropriate and nationalize foreign capital, subject to compensation. These instruments aim to protect weaker states and ensure their economic self-determination.
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Statement of the problem
The right to self-determination is considered a fundamental principle of international law, known as jus cogens, which makes it paramount and inviolable in the event of a conflict with any other principle of international law. This includes the component of economic self-determination, which should result in meaningful and sustainable development for nations. However, in reality, this is not the case for resource and trade-rich countries like Nigeria. This raises questions about the effectiveness of the right to economic self-determination for these nations. The following research questions can be formulated to explore this issue further:
i. What does the right to economic self-determination entail? ii. Does the global economic system support the realization of economic self-determination for nation-states? iii. Does Nigeria have the political will to capture the benefits of the right to economic self-determination?
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