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Ogun State gross debt rose to N435.5 billion as of December 2024 from N377.8 billion in 2023; and N289.4 billion in 2022, driven by adverse exchange rate movements, with about 68.1% of total debt denominated in foreign currency.
Meanwhile, IGR increased by 38.2% to N194.9 billion in the fiscal year ended 31 December 2024 on the back of improved collection efficiency and expanded tax net.
Likewise, the state earned higher value added tax (VAT) inflows from the general price increase and the rebound in economic activity in 2024.
Federal transfers were also bolstered by once-off foreign exchange gains and infrastructural receipts from the national government.
Ogun State is a key contributor to Nigeria’s economy with a diverse economic base spanning manufacturing, agro-processing, services, and trade, all of which positions it as a leading investment destination.
The state hosts major industrial clusters, including cement, FMCG, and automotive assembly plants, which reinforce its role as a driver of Nigeria’s industrial output.
In addition, the completion of the International Agricultural Air-Cargo Terminal is expected to enhance the agricultural value chain in the State.
Ogun State also benefits from its strategic location and proximity to Lagos (Nigeria’s commercial hub), strengthening its role as a gateway to other states.
Rising migration into the state is however, placing notable pressure on the existing infrastructure, with service deficiencies persistently widening.
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