Wish I could see out of Selassie' eye
Maybe my sovereignty would still be mine
Referencing former Emperor of Ethiopia and (according to Rastafarians) returned messiah of the Bible, God incarnate; also known as Jah Rastafari, who he considers to be his savior. In Rastafari, Babylon referred to all western culture and ideals. Babylon was a pejorative for western ideals of modernity, capitalism, materialism, colonialism, and racism.
In a sense, it’s a metaphor — if he had the same third eye Pineal Gland or vision as Selassie I, a ruler who kept Ethiopia a sovereign nation, maybe he would have never lost mental freedom from external influences (society, media, racism, etc). He speaks of these influences in the first line about Babylon, which was known to be a city that indulged in materialism and sensual pleasure.
There is also wordplay with eye/I or 1 — Selassie was the first emperor of the name (Roman numeral I), thus the eye/I connection.
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