In his Independence Day speech to the nation, the president, Yar'adua said who said that he would make Nigeria one of the 20 biggest economies in the world by 2020, affirmed that this ambition could only be achieve if peace and security are guaranteed. ‘We are resolved as an administration not to resort to quick-fix methods and short-cuts in approaching fundamental problems, which require methodical and sustainable solutions,' he said.

He said the "Nigerian economy is on a strong footing with an average growth rate of about 6.9per cent, a single digit inflation rate, external reserves of about 63 billion dollars and the naira appreciating steadily against the major currencies." Nigerian foremost economist, Professor Ibrahim Ayagi, agrees the economy has grown but picks holes with how its benefits has trickled down to the ordinary Nigerian. He told Weekly Trust: "I will not say the Nigerian economy has not performed at all. The Nigerian economy has performed well to some extent; it has done well in some areas, it has not done well in other areas. If you take it overall, we should say we should have performed better than we have performed already. Which is not exactly agreeing with those who say it has not performed."

The president's independece speech highlights the challenges that the country had tried over the years to surmount, describing it as "the trying terrain we have had to traverse these past forty-eight years, while setting our sights firmly on the boundless opportunities and exciting possibilities that lie before us." He said his administration would not resort "to quick-fix methods and short-cuts in approaching fundamental problems which require methodical and sustainable solutions."

The President then went over the resolve of his government to develop robust infrastructure, particularly in the energy, transport and agricultural sectors. According to him, the Federal Government has set machinery in motion to build economically viable roads and rehabilitate and expand the moribund railway system. He also stressed the fact that reforms in the power sector have started yielding positive results.

In his conclusion, he said it was critical to have set up a Niger Delta Ministry to secure the implementation of the Niger Delta Development Master Plan. ‘We are confident that this is the way to go in meaningfully addressing the physical infrastructure and human capital development challenges which the region presents.'

The celebration was also held by Nigerian community in Pakistan, where they held the 48th independence day of Nigeria with a colourful show of its culture, traditions and rituals while expressing its profound love for the people of Pakistan.

The celebrations were marked at a local hotel attended by a large number of local and foreign dwellers of the capital city.

The ceremony was presided over by the president of the Nigerian Community in Pakistan, Isaac Fola Omomolesho.

Addressing on the occasion, Mr Omomolesho said that on October 1, 1960, his country got independence from its previous colonial ruler,
Britain.

"In remembrance of this great part of our history, we, Nigerians, decided to celebrate this great occasion with our Pakistani friends and well wishers," he said.

Omomolesho thanked the Pakistani government and its people for accommodating the Nigerian people. Meanwhile, he lauded the role of the staff of Nigerian High Commission for assisting Nigerians living in Pakistan and urged them to do more proactively.