The Governor of Edo State, Monday Okpebholo, has disclosed that the state loses over $1 billion worth of investments annually, due to cult-related violence.
He noted that violence, driven by clashes among rival cult groups, had not only led to loss of lives and property but discouraged investments and tourism, ultimately slowing economic growth.
Okpebholo, on Wednesday, in a statement by his Chief Press Secretary, Fred Itua, stated that the high spate of cult-related violence in the last five years, long before he (Okpebholo) assumed office, caused substantial disruptions to economic activities, with investors and business owners increasingly growing wary of the security situation.
He said, “What we have witnessed in Edo was more than a threat to public peace. It was a significant drain on our economic potential.
“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, because of cultism and other violent crimes, as our people in the diaspora were scared of coming home to invest. This loss in disposable income, closure of businesses, and decline in tourism greatly impacted the state’s business climate.”
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Edo governor also noted that the state’s critical infrastructure and commercial centres were equally affected, with some businesses forced to shut down temporarily or permanently, owing to security concerns, while the fear of violence also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.
He insisted that the narrative had changed since he declared total war on cult-related violence in Edo.
Okpebholo declared that his efforts were already yielding results, with more stakeholders joining the support groups against cult-related violence in Edo.
He maintained that Edo was regaining its lost glory and that sanity was being restored to the state, while urging Edo sons and daughters in Nigeria and in the diaspora to bring their investments home and help in the economic development of the state.
Edo governor said: “My administration is restoring peace to Edo State, especially 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.
“Hospitality is a big business in Edo State. We have real estate. I am also sanitising land administration. This means Edo people can now invest massively in real estate.
“Agriculture is a viable sector in Edo State, and it can bring huge returns on investments and create jobs for our people. I am urging our people to look in that direction.
“We have the skills. The needed support will be given by my administration for Edo people to set up industries, hotels, commercial farms, real estate, and other key investments, which will be protected and guaranteed by the state government.”
Okpebholo also warned Edo youths to completely shun cultism, in order to be alive to contribute to societal development.
He said: “As for the remnants of miscreants still holding sway in some isolated areas, I am engaging community leaders, youth groups, civil society organisations, and security stakeholders to foster peace-building and tackle the root causes of cultism.
“This is not a fight for the government alone. It is a collective responsibility. We are calling on all well-meaning Edo residents to work with me in reclaiming our communities from the grip of violence.
“Edo State has immense economic potential. I will not allow violence and cultism to define our future. With the right partnerships and firm action, my administration will restore peace, attract investments, and reposition our economy for sustainable growth.”
Edo governor also reassured residents of the state that he remained committed to building a safe and secure environment where businesses could flourish and citizens could live without fear.