The Edo State Governor, Monday Okpebholo, yesterday, expressed concerns over the adverse impacts of long years of cultism on the state’s economy, particularly the loss of lives and the loss of over $1 billion worth of potential investments yearly.
In a statement in Benin, the Chief Press Secretary to the Governor, Fred Itua, stated that the spate of cult-related violence in the last five years, long before Okpebholo assumed office, has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation.
According to him, these acts of violence, predominantly driven by clashes among rival cult groups, have not only led to tragic loss of lives and property but have also discouraged investments and tourism, ultimately slowing economic growth.
“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 severely impacted the state’s business climate,” Itua said.
The CPS 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. “The fear of violence also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.”
Itua said the narrative has, however, changed since Okpebholo declared a total war on cult-related violence in Edo State. He said the efforts of the governor are already yielding results, with more stakeholders joining the support groups against cult-related violence in Edo State.
