Governor Monday Okpebholo of Edo State says the state loses over $1 billion in investments every year due to cult-related violence.
In a statement issued in Benin on Wednesday, May, 21, Okpebholo said cultism has not only led to the destruction of lives and property but has also scared away investors and weakened tourism.
He explained that the impact of cult violence has slowed Edo’s economy over the years, disrupting business activities and discouraging both local and diaspora investors.
“What we’ve seen in Edo goes beyond public unrest. It’s a major economic setback that weakens investor confidence,” he said.
Citing data from the Diaspora Commission, the governor noted that while Edo leads in remittances, 95 percent of those funds are invested in other states due to security concerns.
He described how the loss of disposable income, business closures, and a decline in tourism have severely weakened the state’s business environment.
According to him, cultism is responsible for an annual loss of over $1 billion in potential investments, as critical infrastructure and commercial hubs continue to suffer from business shutdowns and relocations driven by insecurity.
The governor also noted that the hospitality, transport, and tourism sectors have been particularly affected.
He said his administration’s intensified crackdown on cultism is already gaining support from stakeholders across the state. He urged Edo indigenes at home and abroad to reinvest in the state and back efforts to rebuild its economy.
“Edo has great potential. We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future,” he said.
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