Edo State Governor Senator Monday Okpebholo has disclosed that cult-related violence is costing the state over $1 billion in lost investments annually, with diaspora investors particularly avoiding the region due to safety concerns.
Chief Press Secretary Fred Itua explained that despite Edo ranking first in Nigeria for diaspora remittances, 95% of these funds are invested elsewhere because of the unstable security situation caused by cult clashes. The violence has devastated key economic sectors:
Economic Impacts:
Hospitality industry suffering 60% decline in occupancy rates
Over 200 small businesses permanently closed in Benin City
Transportation sector revenues down 45% since 2019
Agricultural exports hampered by road insecurity
Governor's Crackdown:
The administration has launched a multi-pronged anti-cultism campaign including:
Special security task forces conducting nightly patrols
Community engagement programs with youth leaders
Fast-track courts for cult-related offenses
Whistleblower rewards for information leading to arrests
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Investment Opportunities:
To rebuild confidence, the government is highlighting three key sectors:
Agriculture: 50,000 hectares of arable land available for commercial farming
Real Estate: New land titling system to prevent fraud
Tourism: Rehabilitation of historical sites like the Benin Moat
"Edo cannot continue losing $1 billion yearly because of cultism," Itua stated. "The governor's war against cults has already reduced violence by 70% in Benin City, and we're seeing the first signs of investors returning."
The administration is working with traditional rulers and security agencies to completely eliminate cult activity within 12 months, with plans to convert former cult strongholds into economic zones.