The forwarding table in a network device requires specific information to efficiently forward traffic toward its destination. This includes the next hop IP address, which indicates the next router or device in the path to the destination. The outgoing interface name identifies the physical or logical interface through which the packet should be sent to reach the next hop. Lastly, the next hop MAC address is crucial for Layer 2 forwarding decisions, allowing the device to encapsulate the IP packet in a frame that can be understood by Ethernet or other Layer 2 protocols. OSPF metric values and BGP local preference values are used in the routing decision process to select the best path and populate the forwarding table but are not directly used by the forwarding table to forward traffic.