Edo Loses $1bn Investment Annually To Cult-related Violence — Okpebholo

Edo State Governor, Senator Monday Okpebholo, has revealed that the state loses more than $1 billion in potential investments annually due to cult-related violence that has plagued the region in recent years.

In a statement released by his Chief Press Secretary, Fred Itua, Governor Okpebholo highlighted the damaging effects of these violent activities, which have caused significant disruptions to the state’s economic activities. Investors and business owners have increasingly become wary of the security situation, making it difficult to attract or retain investment.

“What we have witnessed in Edo was more than a threat to public peace—it was a significant drain on our economic potential,” Governor Okpebholo stated.

He pointed to a report from the Diaspora Commission, which confirmed that Edo State tops the list of states in Nigeria with the highest remittance from the diaspora. However, Governor Okpebholo noted that 95% of those funds end up being spent in other states due to the insecurity caused by cultism and other violent crimes. Many diaspora Nigerians are fearful of returning home to invest because of the violence.

The statement went on to note that this loss in disposable income, the closure of businesses, and the decline in tourism have all severely affected the state’s business climate. The ongoing violence has also had a negative impact on the state’s critical infrastructure and commercial centres, leading to business shutdowns both temporarily and permanently.

The governor also pointed out that the fear of violence has deterred tourists, resulting in a downturn in the hospitality, transportation, and tourism-related sectors in the state.

However, Governor Okpebholo reassured the public that the situation is changing. Since declaring a total war on cult-related violence, he emphasized that progress has been made. More stakeholders are now involved in efforts to combat this issue, with the state gradually regaining its lost economic standing.

“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 homeland, Edo State,” said Fred Itua.

He also encouraged Edo indigenes to invest in various sectors, including hospitality, real estate, and land administration, as the state is now being sanitized and prepared for economic development. Governor Okpebholo’s administration has been working to create an environment conducive for investment, thereby restoring the state’s once-glorious business climate.