Governor Monday Okpebholo

By Jethro Ibileke

Governor Monday Okpebholo of Edo has stated that the State lost over $1 billion worth of potential investments annually to the negative impacts of cultism.

He stated this in a statement on Wednesday by his Chief Press Secretary, Fred Itua.

The Governor noted that activities of cult groups have not only resulted in the loss of lives and properties, but also discouraged investments and tourism in the State, a development he said has contributed to the slowdown of the State’s economy.

“The high spate of cult-related violence in the last five years, long before assumption of office as the Governor of the state, has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation.

“What we have witnessed in Edo state 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% 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.

“The adverse impacts of cultism over the years on the state’s economy have led to the loss of lives and the loss of over $ 1 billion worth of potential investments yearly,” he said.

The Governor further disclosed that the negative impact of cultism also affected critical infrastructure and commercial centres, with some businesses forced to shut down temporarily or permanently.

He also stated that the fear of violence deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.

Okpebholo, who disclosed that his administration’s declaration of total war on cult-related activities is already yielding positive results, appealed to indigenes of Edo, both in Nigeria and in the Diaspora, to bring their investments to the State and help in the development of its economy.

“Edo State has immense economic potential. We will not allow violence and cultism to define our future.

“With the right partnerships and firm action, the present government is restoring peace, attracting investments, and repositioning our economy for sustainable growth,” he added.