Edo Loses $1bn Investments Annually To Cult-related Violence

The Edo State governor, Monday Okpebholo, said the state government loses over $1 billion annually in investments from potential investors owing to the cult-related violence.

The governor who spoke in a statement by his chief press secretary, Fred Itua, stated that the high spate of cult-related violence in the last five years, long before Governor Okpebholo assumed office, 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 statement alluded to a report by the Diaspora Commission, which stated that 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,” Itua 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. The fear of violence also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.

Itua said the narrative has, however, changed since Governor Okpebholo declared a total war on cult-related violence in Edo State.

He said the efforts of Governor Okpebholo are already yielding results, with more stakeholders joining the support groups against cult-related violence in Edo State.

Itua noted that the state is regaining its lost glory and that sanity is 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 sanitizing land administration. This means Edo people can now invest massively in real estate,” he added.