Edo State Governor, Monday Okpebholo, revealed that the state misses out on more than $1 billion every year because cult violence scares away investors. This means many people who want to put money into Edo’s businesses choose not to because they fear for their safety.
The governor said this during a talk with reporters in Benin City. He explained that cult groups don’t just cause harm by destroying property and taking lives; their actions also stop tourism and investments from growing in Edo State.
Because of these problems, the state’s economy has slowed down. Okpebholo said that even before he became governor, cult-related violence had already caused big disruptions. Many investors and business owners became worried about security and started avoiding Edo.
He also said this violence has done more than just hurt public safety; it has taken away chances for the state to grow economically.
Edo State is known for getting a lot of money sent from its people living abroad. But because of cult violence and crime, 95% of this money is spent outside the state. Many people living overseas are too scared to come back and invest in Edo.
This loss of money, combined with closed businesses and fewer tourists, has made it very hard for businesses in Edo to thrive.
The governor added that every year, cult violence costs Edo lives and more than $1 billion in potential investments. Important buildings and business centers have been damaged, with some forced to close either for a while or for good.
The fear of violence also keeps tourists and visitors away. This hurts hotels, transportation, and other tourism-related businesses.
Okpebholo said his government is now fighting cult violence strongly. This fight is starting to work, with many people joining the effort to stop cultism in the state.
He appealed to all Edo people, both inside Nigeria and abroad, to bring their investments home to help grow the economy.
According to him, Edo State has great potential for economic growth. The government is committed to stopping violence and building peace. With strong partnerships and firm action, Edo’s economy will recover and grow for the future.
