Edo State Governor Monday Okpebholo has said the state loses over $1 billion worth of investments annually, due to cult-related violence.
He said violence, driven by clashes among rival cults, had not only led to loss of lives and property, but also discouraged investments and tourism, ultimately slowing economic growth.
Okpebholo, yesterday in a statement by his Chief Press Secretary, Fred Itua, said the high rate 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 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.”
The governor 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.
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He said the narrative had changed since he declared war on cult-related violence.
Okpebholo said his efforts were already yielding results, with more stakeholders joining the support groups against cult-related violence.
He said Edo was regaining its lost glory, adding that sanity was being restored to the state.
The governor urged Edo sons and daughters in Nigeria and in the diaspora to bring their investments home and help in the economic development of the state.
He 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 in Nigeria and in the diaspora can now bring their investments to their home land, Edo State.