Governor Monday Okpebholo of Edo State has revealed that cult-related violence is costing the state over $1 billion in potential investments each year.
In a statement released in Benin on Wednesday, May 21, Okpebholo said the pervasive issue of cultism has resulted in the destruction of lives and property, scared off investors, and significantly weakened the state’s tourism and business sectors.
“Edo’s challenges go beyond public unrest—it’s a major economic setback that erodes investor confidence,” the governor stated.
He explained that the ongoing violence has disrupted economic activity, stalled development, and discouraged both local entrepreneurs and members of the diaspora from investing in the state.
Citing data from the Diaspora Commission, Okpebholo noted that although Edo ranks high in remittances, an estimated 95 percent of those funds are invested in other states due to security concerns.
The governor emphasized that sectors such as hospitality, transport, and tourism have been particularly hard hit, as business closures and relocation of commercial hubs persist in the face of insecurity.
He attributed an estimated $1 billion annual loss in investment to cultism, saying the resulting instability has severely undermined infrastructure and economic growth.
Okpebholo highlighted ongoing efforts to crack down on cult activity, which he said are already gaining support from stakeholders across the state. He called on Edo indigenes, both at home and abroad, to support the state’s economic recovery by reinvesting in local businesses and initiatives.
“Edo has great potential,” he said. “We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future.”
