Following its consistent positive performance in generating revenue, Ogun State has been ranked as Nigeria’s leading Internally Generated Revenue (IGR) state on Index A1.

This was made known in the State of the States 2023 report by BudgIT, which posits that states that rank higher on Index A1 have been able to significantly grow their IGR year-on-year and are progressively reducing their reliance on federal allocations.

Ogun, which beats other states to emerge as Nigeria’s most improved state on Index A1 with an index point of 0.53, is closely followed by Kaduna (0.47), Bauchi (0.41) and Rivers (0.36) in the latest ranking.
Ogun, which had in the last four years, remained among Nigeria’s top four IGR states, coming behind Lagos, Rivers and the FCT, Abuja, has now taken the lead in percentage of IGR growth, in its avowed desire to consolidate its position as Nigeria’s top investment destination of choice.

Reacting to the development, the Ogun State government indicated that reducing its dependency on federally allocations has been a major goal of Governor Dapo Abiodun since taking over the mantle of leadership in the state on May 29, 2019.

According to the state Commissioner for Finance, Dapo Okubadejo, the Abiodun government has made conscious effort to increase the state’s revenue profile in the last three years by wooing local and foreign investors, enhancing the ease of doing business and facilitating the rapid industrialization of the state to boost job creation and widen the tax net, among other strategies.

It will be recalled that in February this year, Okubadejo, who doubles as Chief Economic Adviser in the State, said that the state had resolved to adopt a more seamless approach to revenue generation, adding that the Ministry of Finance and the state Internal Revenue Service (OGIRS) would further synergise as well as engage stakeholders in achieving better service delivery.

The move, he had said, became necessary in view of the immense developmental projects being implemented across the state, adding that it was essential to continually work to expand the state’s revenue base to pave way for more people-oriented projects.

Okubadejo said that the state government was committed to providing incentives, empowering its workforce, and creating an enabling working environment for workers, advising them not to rest on their oars.

The Abiodun’s Administration since inception has embarked on legacy projects in various sectors including road construction, housing estates, agro-cargo airport among other life-impacting projects and programmes.

Ogun State Governor, Dapo Abiodun has put every necessary process in place to make the Ogun-Guangdong Free Trade Zone (OGFTZ), an impetus for foreign and local investors, the Coordinator OGFTZ, Dr. Abbey Onas has stated.



Addressing stakeholders in Abeokuta on his recent visit to Poland for an investment/economic forum, Onas said he was essentially at the international forum in his capacity as the Coordinator of the Ogun-Guangdong Free Trade Zone (OGFTZ).

“My mission on that foreign land was clear: to woo global investors to Ogun State, Southwest Nigeria. That meeting was the 32nd in the series of the Economic Forum that has become a tradition. It was a gathering of leading investors and economic giants that came with lots of opportunities,”



The coordinator said the body language of the new administration of President Bola Ahmed Tinubu so far speaks to its readiness to tap economic opportunities from across the world and open up Nigeria for business and investment, pointing out that the President has assumed the role of the Chief Marketing Officer of Nigeria and Africa, telling the global audience at every avenue that we’re ready for mutually beneficial partnerships.



“Most recently at the United Nations General Assembly, President Tinubu argued that Africa is not a problem to be avoided, calling the rest of the world to work with the continent as the key to the world’s future. His presentation at the session has been applauded as masterful.



“This body language of the federal government, in addition to the investment drive of Ogun State Governor Dapo Abiodun, is what I’ve seen and is motivating me to push for economic opportunities from across the world to the Ogun-Guangdong Free Trade Zone.”

Abbey pointed out that Governor Abiodun has made huge investments  in critical sectors that attract and sustain investment in the state, especially in the area of road infrastructure, transportation, energy, security and others.



He has done creditably well in his first tenure, raising the hopes of the people that more will come in this second tenure. “In his determination to make Ogun State a major investment destination in Nigeria and by extension Africa, Governor Abiodun established the Ogun State Investment Promotion and Facilitation Agency. This government organ has the mandate to attract investors into the state; coordinate private sector investment activities, and streamline processes and procedures to ease investors’ experience in setting up their businesses in the state. That was a brilliant initiative whose positive impact has begun to manifest, as Ogun is now a state of interest for many investors.



Governor Abiodun has also supported this with the construction, reconstruction and rehabilitation of roads and road networks in the state. Over 400km roads have been touched by the Dapo Abiodun-led administration of Ogun State. This, no doubt, has changed the face of the state and eased transportation within Ogun. Good road networks are a major catalyst for investment. It’s exciting that Governor Abiodun has his eyes fixated on renewing road networks in Ogun State,”



Speaking on the measures being put in place to consolidate on protection of lives and properties in the state, the coordinator said the state government was aware of the place of security in attracting investment.

“Ogun people are generally peaceful and welcoming. They are always ready to extend the hands of fellowship to visitors. Governor Abiodun has also strengthened the security architecture of the state by keying into the Amotekun initiative of Southwestern regional governments in Nigeria. This is in addition to restructuring the Security Trust Fund of the state which has made it possible to mobilise resources for security personnel. The adoption of ultramodern security techniques such as drones and other sophisticated technology in surveillance and monitoring the state has prevented criminal gangs from gaining a foothold. The security of the state can always get better.



“Indeed, I’ve seen the investment drive of Governor Dapo Abiodun over the years, and it is really propelling me to make moves on my own to attract investment to the state. We have a Governor that has a growth and progressive mindset.



“So, at the economic forum, I made a case for Africa, Nigeria and Ogun State. This was even long before the President’s address at UNGA 78. My message was similar to that of the President. I told the session which has a global audience that Africa should not be seen as a challenging investment terrain. On the contrary, we have the presence of highly educated Nigerians and Africans eager to collaborate with global partners in achieving great feats.



“Some investors might want to wait to see how things pan out. However, this may be costly for them. It was my view at the economic forum that with the pace at which the present administration of President Tinubu is working on securing foreign investments, such category of investors might miss out on the available opportunities. The perfect time to invest in Nigeria is therefore NOW,”

Speaking further on the direct advantage of his recent trip to Poland, Onas painted a glowing picture of what on the 23rd of September, when a select number of accomplished Polish investors and seasoned CEOs from reputable companies in Poland and Europe from diverse industries arrived Abuja to usher in new possibilities and collaborations between Nigeria and Polland. He stated that the visit was a follow-up on the fruitful discussions had at the Economic summit and aimed at exploring investment opportunities and establishing fruitful partnerships within Nigeria.



In the final analysis, he called on investors to look inward and consider the opportunities in Ogun-Guangdong Free Trade Zone in Nigeria, which he said serves as a powerful reminder of the untapped potential in Africa’s rapidly evolving economic landscape.

“We are open for business and partnership. The Dapo Abiodun-led administration is making progressive policies and programmes that support investment and business in the state,” he added.

The Ohanaeze Ndigbo Youth Council Worldwide has been closely following the recent developments in the country, particularly the removal of fuel subsidy by the previous administration of President Muhammadu Buhari. The removal of subsidy was a common promise made by all major presidential candidates in the 2023 general election, highlighting the fraudulent nature of the regime.

The previous administration did not display political will in ending the subsidy regime but instead created a landmine for the new administration. It is time for the current government to unravel the fraud and probe into the spending on refineries for the past eight years to earn public trust and confidence.

The Nigeria Labour Congress (NLC)’s opposition to the removal of subsidy is viewed with suspicion, as they have failed the masses in the past. The NLC should not deceive the public and try to cash out from the removal of subsidy. Furthermore, the independent marketers and the Nigerian National Petroleum Corporation Limited (NNPCL) are profiting off the citizens by adjusting their pump prices to over N500.000 after the announcement of subsidy removal.

The government should handle the removal of subsidy with caution and further engage major stakeholders, including the youths, religious, and traditional leaders. They should also ask the marketers to revert to the old price until the end of June when the subsidy will end while checking the nefarious activities of petroleum marketers. The government should also use part of the money that will be saved from subsidy withdrawal to revive at least two of the four refineries and grant more licenses for building refineries.

The removal of subsidy is a good decision for the country’s overall interest, and the NLC should not be a cog in the wheel of progress. The Ohanaeze Ndigbo Youth Council Worldwide supports the government and urges them to navigate over the subsidy landmine with the right mindset and focused leadership. The citizens should not be taxed twice, and the government should take measures to stop sabotage of the economy by petroleum marketers.

In conclusion, the Ohanaeze Ndigbo Youth Council Worldwide implores the government to handle the removal of fuel subsidy with caution, investigate the spending on refineries in the past eight years and engage major stakeholders. The removal of subsidy is a step towards reducing fraud and reviving the economy, but the government must ensure that citizens are not taxed twice and that petroleum marketers do not sabotage their efforts.