The Governor of Edo state, Monday Okpebholo, has alerted residents and stakeholders that the state loses about $1 billion in investments yearly as a result of cultism.
The governor made the assertion in a statement in Benin, according to a NAN report on Wednesday.
He emphasized the economic toll of cult-related violence in the state, highlighting that cult groups not only destroy lives and property but also scare investors while discouraging tourism prospects.
Okpebholo’s Alert
According to the governor, the trend of cultism has significantly contributed to the slowdown of Edo’s economy over the years.
- The governor stated, “that cultism has resulted in deaths and pushed away over $1 billion in potential investments every single year.”
- Okpebholo stressed that while the violence predated his tenure, its impact had long disrupted business operations and frightened away potential investments.
“What we’ve seen in Edo goes beyond public unrest. It’s a major economic setback that weakens investor confidence.
“95 percent of remitted funds are diverted to other states. Diaspora investors fear cult violence back home,” he added.
Citing statistics from the Diaspora Commission, he said Edo is one of the states that does well in remittances, but said the funds were invested elsewhere due to insecurity
- He said the loss of disposable income, business closures, and tourism decline had severely weakened Edo’s business environment and growth potential, including critical infrastructure and commercial hubs.
- He highlighted that businesses have either shut down or relocated from the state due to insecurity associated with cultism.
He stated that hospitality, transport, and tourism sectors have been affected, thereby worsening the state’s economic woes.
More Insights
- Meanwhile, Governor Okpebholo assured residents that his government’s crackdown on cultism was gaining momentum following growing support from stakeholders across Edo.
“Edo has great potential. We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future,” he stated.
- He appealed to Edo indigenes at home and abroad to consider reinvesting in the state and support its economic recovery efforts.
What you should know
The development comes nearly a year after the National Human Rights Commission (NHRC)stated in April 2024 that cultism was one of the activities that threaten the peace and prosperity of the country.
The Commission had revealed that the nature of the human rights complaints received across the Nigerian states in 2024 included the denial of employment benefits, discrimination, cultism, and violence, among others.
According to the NHRC, a total of 19,470 complaints were received by the Commission in April.
The Commission also seized the moment to call for stricter legislation against cultism in Nigeria.
