Gov Monday Okpebholo of Edo says that the state loses over $1 billion in investments yearly due to cultism.
The governor made the claim in a statement in Benin on the economic toll of cult-related violence.
Okpebholo explained that cult groups not only destroy lives and property but also scare away investors and dampen tourism prospects.
According to him, this trend has significantly contributed to the slowdown of Edo’s economy over the past several years.
Okpebholo noted that the violence predated his tenure but has long disrupted business operations and frightened away potential investments.
“What we’ve seen in Edo goes beyond public unrest. It’s a major economic setback that weakens investor confidence,” he said.
He referenced statistics from the Diaspora Commission, showing Edo leads in remittances, but funds were invested elsewhere due to insecurity.
“95 percent of remitted funds are diverted to other states. Diaspora investors fear cult violence back home,” he added.
He described how the loss of disposable income, business closures, and tourism decline had severely weakened Edo’s business environment and growth potential.
The governor stated that cultism has resulted in deaths and pushed away over $1 billion in potential investments every single year.
Critical infrastructure and commercial hubs, he said, have suffered as businesses either shut down or relocate due to insecurity.
He added that fear of cult-related attacks has hurt sectors like hospitality, transport, and tourism, worsening the state’s economic woes.
Governor Okpebholo emphasised that his government’s crackdown on cultism was gaining momentum with growing support from stakeholders across Edo.
He appealed to Edo indigenes at home and abroad to reinvest in the state and support its economic recovery efforts.
“Edo has great potential. We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future,” he concluded. (NAN)
