CULTISM DRAINS EDO’S ECONOMY: $1 BILLION INVESTMENTS LOST ANNUALLY, SAYS OKPEBHOLO. (PHOTO).

 Cultism drains Edo’s Economy: $1 billion investments lost annually, says Okpebholo

Edo State Governor, Monday Okpebholo, has revealed that the state suffers an annual loss exceeding $1 billion in potential investments due to the persistent menace of cult-related violence.

In a statement issued on Wednesday by his Chief Press Secretary, Fred Itua, the Governor expressed deep concern over the economic toll of cultism, describing it as a significant barrier to development, investment, and tourism in the state.

He lamented that cult activities have not only endangered lives and property but have also driven away both local and foreign investors, undermining Edo’s economic growth.

“In the past five years—long before I assumed office—cult-related violence has disrupted economic activities. Investors and business owners increasingly grew reluctant to engage with our state due to security concerns,” Okpebholo said.

“What we’ve faced in Edo is more than a threat to public peace; it is a major drain on our economic potential.”

Citing data from the Diaspora Commission, the Governor disclosed that although Edo tops the chart for remittances from Nigerians abroad, 95% of those funds are redirected to other states due to security fears.Local travel packages

“This capital flight, coupled with business closures and dwindling tourism, has left a devastating mark on Edo’s commercial landscape,” he noted.

According to Okpebholo, cultism has negatively impacted infrastructure and commercial hubs across the state, forcing some businesses to shut down either temporarily or permanently.

He added that fear of violence has also deterred tourism, affecting sectors like hospitality and transport.

The Governor, however, assured that his administration’s ongoing crackdown on cultism is already yielding results.

He urged Edo indigenes at home and abroad to support the government’s efforts by investing in the state’s future.

“Edo has immense economic potential. We cannot allow violence and cultism to define our destiny,” he said.

“With firm action and strong partnerships, we are restoring peace, reviving investor confidence, and positioning the state for sustainable economic growth.”