TANZANIA’S LEGAL FRAMEWORK GOVERNING NATURAL WEALTH AND RESOURCES: ANALYSIS OF RESOURCE NATIONALISM FOR ECONOMIC DEVELOPMENT IN THE COUNTRY

Abstract

This paper discusses the extent to which the Tanzania’s legal framework governing the natural wealth and resources uphold the resource nationalism development along with the principle of permanent sovereignty over natural resources. The study highlights the existing tightness between resource nationalism and resource liberalism in the modern global economic integration. Ideally, the study offers good scenario of resource sovereignty that can exist between countries from economic and business opportunities. In the course of discussion, the paper highlights, background and context of the resource nationalism, essential features and the international significant resolutions, agreements and their respective relevancies in the permanent sovereignty over natural resources and resource nationalism.

The paper explores further the question as to whether the endorsement of the legal framework governing natural wealth and resources in Tanzania ensures resource nationalism for economic development. Thus, the paper argues that, the endorsement of the legal framework governing natural wealth and resources in Tanzania reflects the resource nationalism development along with the permanent sovereignty of natural resources. 

Additionally, the Constitution of the United Republic of Tanzania of 1977 which is an ideally a grundnorm of all other laws in the country addresses issues of natural wealth and resources governance precisely. In line to this related context, the study observes the earnest weaknesses and challenges associated in the resource nationalism, natural wealth and resource governance sector. However, the study discusses apposite measures for resolving the existing weaknesses facing the natural wealth and resources governance in sustaining resource nationalism specifically to oil and gas industry in order to accelerate the country’s development.