Cultism Costs Edo State Over $1 Billion Annually in Lost Investments — Governor Monday Okpebholo Speaks Out
Edo State Governor, Monday Okpebholo, has sounded a clarion call about the economic consequences of cult-related violence, revealing that the state loses more than $1 billion every year due to this menace. According to the governor, the persistent insecurity created by cultism has not only disrupted the social fabric of Edo communities but has also severely damaged the state's economic potential by scaring away much-needed investors.
In a strongly worded statement issued in Benin City on Wednesday, May 21, Governor Okpebholo explained that cultism has far-reaching implications beyond immediate violence. “What we’ve seen in Edo goes beyond public unrest. It’s a major economic setback that weakens investor confidence,” he said.
This revelation sheds new light on the broader economic and developmental challenges facing Edo State—a state known for its cultural heritage, educated diaspora, and budding industries. However, those assets continue to be undermined by insecurity, especially cult-related violence that frequently results in bloodshed, community unrest, and stalled economic activities.
How Cultism is Draining Edo State’s Economy
Governor Okpebholo didn’t mince words when he detailed how cultism affects the local economy. According to him, cult-related violence is not just a social problem; it’s an economic crisis. The governor noted that over $1 billion in potential investments are lost every year as a result of the unsafe business environment created by cult groups.
This staggering figure points to the seriousness of the problem and highlights a direct connection between security and economic growth in Edo State. Investors, both local and international, are increasingly reluctant to put their money in an environment where violence and insecurity persist.
Disruption of Business Activities
The economic implications of cultism extend to all sectors. From small businesses to large enterprises, many operators have either shut down or relocated due to constant threats and violence. This has resulted in the loss of jobs, reduced disposable income, and a decline in the overall economic activity across the state.
According to the governor, the hospitality, transport, and tourism sectors are among the hardest hit. Hotels, restaurants, and transport companies that once thrived in Edo's bustling cities are now facing declining patronage. Tourists who once came to explore Edo’s rich Benin heritage are now avoiding the state due to safety concerns.
Impact on Diaspora Investments
Edo State has one of the most vibrant diaspora populations in Nigeria. Many Edo indigenes live in Europe, North America, and other parts of the world, sending billions of naira in remittances back home annually. However, those funds are no longer flowing into Edo's economy.
Governor Okpebholo cited data from the Nigerian Diaspora Commission, revealing that Edo leads in remittances, but unfortunately, 95 percent of those funds are invested in other Nigerian states. This shift is primarily due to security concerns. Diaspora investors who once planned to build homes, start businesses, or invest in real estate in Edo are now diverting their investments to safer environments like Lagos, Abuja, and even neighboring Delta State.
This trend represents a significant loss for Edo State, which continues to miss out on billions in potential development funds that could have been used to transform its economy.How Cultism Affects Infrastructure and Commerce
Governor Okpebholo also pointed out that critical infrastructure in Edo State is deteriorating, partly because businesses that could have funded or supported infrastructural growth are either leaving or shutting down. Commercial hubs that once bustled with activity are now ghost towns in some areas, all due to the menace of cultism and insecurity.
“The loss of disposable income, business closures, and a decline in tourism have severely weakened the state's business environment,” the governor emphasized.
Government’s Response: A Renewed Crackdown on Cultism
Governor Okpebholo assured citizens and investors that his administration is taking firm steps to address the problem head-on. According to him, the Edo State government has intensified its crackdown on cultism, deploying more security personnel and collaborating with community leaders to identify and dismantle cult groups.
He mentioned that these efforts are already receiving widespread support from stakeholders across the state, including traditional rulers, religious leaders, youth groups, and civil society organizations.
“Our message is clear: We will no longer allow violence to define Edo State,” he said. “We’re restoring peace, attracting investors, and rebuilding for the future.”
A Call for Support from Edo Indigenes at Home and Abroad
As part of his broader economic recovery plan, Governor Okpebholo urged all Edo indigenes, both at home and in the diaspora, to support the state’s anti-cultism efforts and reinvest in the local economy.
“Edo has great potential. We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future,” he said.
The governor’s statement serves as a rallying cry for unity and a shared responsibility to restore Edo State’s dignity and economic strength.
What Can Be Done: Policy Recommendations and Community Actions
To successfully fight cultism and restore investor confidence, several steps must be taken beyond government crackdowns. These include:
1. Community Policing and Vigilance
Local communities must play an active role in identifying and reporting cult activities. Community policing initiatives can help build trust between residents and law enforcement agencies.
2. Education and Youth Empowerment
A large percentage of cult members are unemployed or underemployed youths. Investing in skill acquisition, vocational training, and entrepreneurship programs can help reduce the allure of cult groups.
3. Diaspora Engagement Programs
The government can initiate targeted programs to encourage diaspora investments through incentives such as land discounts, tax holidays, and fast-tracked approvals for projects.
4. Public-Private Partnerships
Collaborating with private sector leaders to invest in security infrastructure and job creation can make the environment safer and more business-friendly.
Conclusion: Time to Reclaim Edo’s Future
The revelation that Edo State loses over $1 billion annually to cult-related violence is a wake-up call to all stakeholders. This is not just a security issue; it is an economic emergency. For Edo State to achieve its full potential, all hands must be on deck—from government and civil society to the diaspora community and ordinary citizens.
Governor Monday Okpebholo’s bold stance signals a turning point in the fight against cultism in Nigeria. His administration’s focus on security, investor confidence, and economic revitalization must be supported if Edo State is to reclaim its place as one of Nigeria’s leading states in commerce, culture, and tourism.
NaijaRush.com will continue to bring you in-depth coverage of critical issues affecting Edo State and the rest of Nigeria. For more on this topic and other political updates, stay tuned to NaijaRush — your voice for truth and progress.
