From Tony Osauzo, Benin
Edo State Governor Monday Okpebholo has highlighted the severe economic impact of cult-related violence, estimating an annual loss of over $1 billion in potential investments.
Speaking through his Chief Press Secretary, Fred Itua, the governor noted that cult clashes have caused loss of lives, property damage, and a decline in tourism and investment, stunting the state’s economic growth.
Itua stated that cult-related violence, prevalent for the past five years before Okpebholo’s tenure, has disrupted economic activities, with investors and businesses wary of the security situation. “What we have witnessed in Edo was more than a threat to public peace—it was a significant drain on our economic potential,” he said, citing the Diaspora Commission’s statistics that Edo leads in diaspora remittances, yet 95% of these funds are invested elsewhere due to cultism and other crimes.
The violence has impacted critical infrastructure and commercial centres, forcing some businesses to close temporarily or permanently and deterring visitors, affecting hospitality and tourism sectors. However, Itua emphasised that Governor Okpebholo’s declaration of war on cultism is yielding results, with stakeholders joining anti-cultism efforts and peace being restored, particularly in Benin City.
Itua urged Edo indigenes in Nigeria and the diaspora to invest in the state, highlighting opportunities in hospitality, real estate, and agriculture. “Governor Okpebholo is sanitising land administration, making real estate a viable investment. Agriculture can generate significant returns and jobs,” he said, assuring that the state government will protect and support investments in industries, hotels, and commercial farms.
To address remaining cult activities, Okpebholo is engaging community leaders, youth groups, civil society, and security stakeholders to foster peace and tackle cultism’s root causes.
“This is a collective responsibility. We call on all Edo citizens to work with the governor to reclaim our communities,” Itua added. He reaffirmed Okpebholo’s commitment to creating a safe environment for businesses and residents, ensuring sustainable economic growth.