Thursday, May 22, 2025 - 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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