Abuja - President Goodluck Jonathan on Monday vowed that his government would work to harness the huge potential of the oil-rich country, which remains dogged by poverty and violence.
"I bring you today, a message of renewed hope and faith in the immense possibilities that lie ahead," said Jonathan in the radio and television broadcast to mark the nation's 52nd independence anniversary.
"The baton is now in our hands. Let me assure all Nigerians that we shall not fail," Jonathan said.
Insecurity, corruption, poverty as well as poor health facilities, electric power supply and infrastructure are some of the serious challenges facing most of the 160 million inhabitants of Africa's most populous nation.
He said his administration had taken measures to fight rampant militant activity, including by stepping up co-operation with its neighbours in west Africa.
The north has been hit by scores of bombings and shootings attributed to the Boko Haram Islamist group, which is suspected of ties to al-Qaeda and has been blamed for more than 1 400 deaths since 2010.
A string of attacks have also hit Abuja.
Jonathan, who was elected into office last year, said that his government was succeeding with its fight against the scourge of corruption in all facets of the nation's economy.
"We have exposed decades of scam in the management of pensions and fuel subsidy and ensured that culprits are being brought to book," Jonathan said.
Some people and companies are facing corruption charges following a parliamentary probe which found that Nigeria lost $6.8bn through the subsidy programme between 2009-2011.