Edo State Governor, Monday Okpebholo, has revealed that the state suffers an annual loss exceeding $1 billion in investments due to violence linked to cult clashes.
He emphasized that this violence has not only resulted in significant loss of lives and property but has also deterred investors and tourists, thereby hindering the state’s economic growth.
In a statement released yesterday by his Chief Press Secretary, Fred Itua, Governor Okpebholo highlighted that the surge in cult-related violence over the past five years—well before his administration—has severely disrupted economic activities. This volatile security situation has made investors and business owners increasingly cautious about committing capital in Edo State.
Okpebholo stated, “What we have witnessed in Edo goes beyond a mere threat to public peace; it represents a profound drain on our economic potential. According to data from
“The Diaspora Commission, Edo State leads the nation in remittances from the diaspora. Yet, an alarming 95 percent of these funds are invested in other states due to the fear instilled by cultism and other violent crimes.
“Our people abroad are hesitant to return home to invest, leading to a substantial loss of disposable income, business closures, and a decline in tourism, all of which have negatively affected the state’s business environment.”
The governor further explained that vital infrastructure and commercial hubs have been adversely impacted, with some businesses forced to close either temporarily or permanently because of security threats. The pervasive fear of violence has also discouraged potential visitors, causing downturns in the hospitality, transportation, and other tourism-dependent sectors.
However, Governor Okpebholo assured that the situation is improving since he launched an aggressive campaign to combat cult-related violence. He noted that his administration’s initiatives are yielding positive results, with an increasing number of stakeholders actively supporting efforts to eradicate cultism from the state.
He expressed optimism that Edo State is on the path to reclaiming its former prosperity, stressing that peace and order are being restored. Okpebholo called on Edo indigenes both within Nigeria and in the diaspora to return home with their investments to foster economic development.
He concluded, “My administration is committed to restoring peace, especially in Benin City, which had long been plagued by cult-related violence. Our hardworking sons and daughters, whether at home or abroad, can now confidently bring their investments back to Edo State.”