Edo State Governor, Senator Monday Okpebholo has revealed that over $1bn investment from potential investors is lost annually owing to cult-related violence.
Governor Okpebholo, in a statement by his Chief Press Secretary, Fred Itua stated that high the spate of cult-related violence in the last five years has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation.
“What we have witnessed in Edo was more than a threat to public peace—it was a significant drain on our economic potential,” he said.
Giving credence to his assertion, the governor alluded to the report by the Diaspora Commission, stating that Edo Edo State tops the list of states with the highest remittance from the diaspora.
He said, “However, 95% of the repatriated funds ended up in different states because of cultism and other violent crimes as our people in the diaspora were scared of coming home to invest.
“This loss in disposable income, closure of businesses, and decline in tourism severely impacted the state’s business climate,” the statement said.
He noted that the state’s critical infrastructure and commercial centres were also affected, with some businesses forced to shut down temporarily or permanently, owing to security concerns.
Governor Okpebholo stressed that the fear of violence also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.
Itua added that the narrative has however changed since Governor Okpebholo declared a total war on cult-related violence in Edo State.
He further maintained that the efforts of Governor Okpebholo were already yielding results with more stakeholders joining the support groups against cult-related violence.
Itua noted that the state was regaining its lost glory and that sanity was being being restored.
He urged Edo sons and daughters both in Nigeria and in the diaspora to bring their investments home and help in the economic development of the state.
“Governor Monday Okpebholo is restoring peace to Edo State, especially in Benin City, where cult-related violence had held sway for too long. Our hardworking sons and daughters, both in Nigeria and in the diaspora, can now bring their investments to their home land, Edo State.
“Hospitality is a big business in Edo State. We have real estate. Governor Okpebholo is also sanitising land administration. This means Edo people can now invest massively in real estate,” Itua said.
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