Okpebholo: Edo loses over $1bn annually to cult violence
The Edo State Governor, Senator Monday Okpebholo, has revealed that the state loses over $1 billion each year in potential investments due to rampant cult-related violence.
A statement by Governor’s Chief Press Secretary, Fred Itua, said the negative impact of this violence on economic activities, has led to the increased wariness among investors and business owners.
“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 asserted, while referencing a report from the Diaspora Commission, which indicated that Edo State ranks highest in remittances from its diaspora.
“However, 95% of the repatriated funds ended up in different states because of cultism and other violent crimes, as our people in the diaspora were scared of coming home to invest,” he explained.
The governor highlighted how this loss of disposable income, along with countless business closures and a decline in tourism, has severely impacted the business climate of the state.
Additionally, he pointed out that the fear of violence is hindering potential visitors, resulting in downturns in the hospitality, transportation, and tourism sectors.
Despite these challenges, Itua noted a shift in the situation since Governor Okpebholo declared a decisive war on cult-related violence in Edo State. He stated that support from various stakeholders continues to grow, signaling a restoration of order and safety.
“The state is regaining its lost glory. Our hardworking sons and daughters, both in Nigeria and in the diaspora, can now bring their investments back to Edo State,” Itua encouraged.
“Governor Monday Okpebholo is restoring peace to Edo State, especially in Benin City, where cult-related violence had held sway for too long. Our state offers vibrant opportunities in hospitality and real estate as the governor works to sanitize land administration.”
Source: LEADERSHIP
