Edo State Governor, Monday Okpebholo Reveals Edo Loses $1 Billion To Cult-Related Violence Annually
Edo State Governor, Monday Okpebholo, has disclosed that the state is losing over $1 billion worth of potential investments annually due to the negative impact of cultism and cult-related violence in the state.
Okpebholo, who disclosed this in Benin, yesterday said, said cultism has not only led to tragic loss of lives and properties but also discouraged investments and tourism, slowing down economic growth in the state.
He noted that the spate of cult-related violence in the last five years has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation.
According to statistics by the Diaspora Commission, “Edo State tops the list of states with the highest remittance from the diaspora.
“However, 95 per cent of the repatriated funds ended up in different states due to cultism and other violent crimes, as our people in the diaspora are scared of coming home to invest,” he said.
The situation has led to a loss in disposable income, closure of businesses, and decline in tourism, which has severely impacted the state’s business climate.
Okpebholo’s in a statement by his spokesman, Fred Itua, noted that the state’s critical infrastructure and commercial centres were also affected, with some businesses forced to shut down temporarily or permanently, owing to security concerns.
He said his administration’s declaration of total war on cult-related activities, is already yielding results, with more stakeholders joining the support groups against cultism.
“Edo State has immense economic potential, we will not allow violence and cultism to define our future” he said, adding that the “government is restoring peace, attracting investments and repositioning our economy for sustainable growth.”
He, however, urged Edo sons and daughters both in Nigeria and in the diaspora to help in the economic development of the state by bringing home their investments.