Edo State Governor, Monday Okpebholo said that the state loses over $1 billion worth of potential investments annually to the negative impacts of cultism.
Okpebholo disclosed this while speaking with newsmen in Benin City.
The governor said the activities of cult groups had not only resulted in the loss of lives and property but also discouraged investments and tourism in the state.
He noted that the development has contributed to the slowdown of the state’s economy.
“The high spate of cult-related violence in the last five years, long before my 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 has led to the loss of lives and the loss of over $1 billion worth of potential investments yearly,”;; he said.
The governor noted that the state’s critical infrastructure and commercial centres were also affected, 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 opined that his administration’s declaration of total war on cult-related activities is already yielding positive results
with more stakeholders joining the support groups against cultism in the state.
He, however, appealed to Edo sons and daughters 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.
