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From Laide Raheem, Abeokuta
The Ogun State Commissioner for Finance and Chief Economic Adviser to the Governor, Dapo Okubadejo, has declared that the astronomical growth of the state’s economy is not accidental, insisting that investors are trooping to Ogun due to various incentives put in place by the Governor Dapo Abiodun-led administration.
Okubadejo, who made this declaration on Tuesday while addressing journalists at the 2026 Budget Media Parley held at the Olusegun Osoba Press Centre, Oke Mosan, Abeokuta, said Ogun has witnessed a proliferation of both local and foreign direct investment (FDI) as a result of concerted efforts by the incumbent administration to woo blue-chip companies through its ease-of-doing-business strategies and socio-economic infrastructure.
The commissioner explained that the provision of adequate security, infrastructural revolution and reforms across various sectors, particularly the land acquisition process and housing, which have been vigorously pursued by the state government, have played pivotal roles in making Ogun the investors’ prime destination of choice not only in Nigeria but in the sub-Saharan West African coast.
“Conducive investment environment such as the ease of doing business, security, reforms in various sectors like the land acquisition process, the digitisation of the process from acquisition to approval and payment, the digitised C-of-O process, improvement of business registration as well as digitisation of billing system, enabled by the state government, has further propelled Ogun as the number one investment spot in the country.
“Similarly, the infrastructural revolution and intermodal transport system of air, rail, road and sea has contributed immensely to the state’s economic growth status. As we know, two dry ports – one at the Ijebu axis and the second one in Kajola in Ifo Local Government Area of the state – are underway. With these dry ports in place, they will fast-track logistics and export of goods via Ogun State,” Okubadejo stated.
On the performance of budgets since 2019, when the current administration assumed office, the commissioner said that the level of budget performance has been stellar, noting that over 70 per cent performance of the 2025 budget remains unprecedented in the state.
He noted that the growth of the state’s budget to the tune of N1.67 trillion in 2026 is an indication that economic activities are increasing.
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Speaking on the debt profile of the state, Okubadejo, who said that the Governor Abiodun administration is operating within fiscal responsibility guidelines, disclosed that the local debt of the state stands at N194 billion, while foreign debt is N300 billion.
He, however, explained that the devaluation of the naira against the dollar is responsible for the increase in the foreign debt being owed by the state.
While saying that Ogun has used the debt to finance capital projects and infrastructure, Okubadejo pointed out that the state has increased its capacity to repay the loans, adding that the internally generated revenue (IGR) projection for the state in 2026 is N512 billion.
The finance commissioner stated further that the incumbent administration has ensured longer-tenured debts and a single-digit interest rate structure in order to make repayment flexible.
He disclosed that a sum of N23.3 billion was paid to defray the backlog of gratuities owed retirees from the state by the immediate past administration from 2012 to 2020. He added that a sum of N32.8 billion was equally paid as gratuities for local government retirees within the same period.
For the payment of pensions, Okubadejo, who remarked that pension is a huge obligation and recurrent expenditure, disclosed that the total pension paid to retirees in the state from 2019 to 2025 is N93.36 billion, while N94.78 billion has been paid to local government retirees in six years.
In his presentation, the Commissioner for Works and Infrastructure, Ade Akinsanya, disclosed that the state government has constructed over 1,600km of roads since 2019, saying that another set of 2,000km of roads has been slated for construction before the expiration of the Governor Abiodun-led administration.
On his part, the Commissioner for Housing, Jamiu Akande Omoniyi, said the incumbent administration has delivered massive housing units across the state, noting that his ministry will embark on building and delivering legacy projects such as the International Conference Centre and Banquet Hall at the Gateway International Airport, Iperu, remodelled commissioners’ and legislative quarters, hundreds of low-cost housing units, the Havilla housing project, among others, before next year.
