On Wednesday, May 21, Governor Monday Okpebholo of Edo State revealed that cultism is costing the state more than $1 billion in lost investments every year, creating serious damage to its economy.
In a statement made in Benin City, the governor explained that cult-related violence doesn’t just claim lives—it also scares off investors, shuts down businesses, and reduces tourism, all of which have deepened the state’s economic problems.
“What we’ve seen in Edo goes beyond public unrest. It’s a major economic setback that weakens investor confidence,” Governor Okpebholo said.
He emphasized that the problem of cultism existed before his time in office, but it continues to cause major disruption to economic activities. Key commercial hubs and infrastructure projects have been affected, with some businesses choosing to relocate or close completely due to fear and insecurity.
Remittances redirected elsewhere
The governor also cited statistics from the Diaspora Commission, which show that Edo State receives one of the highest amounts of remittances in Nigeria, but most of that money isn’t invested back home.
“95 percent of remitted funds are diverted to other states. Diaspora investors fear cult violence back home,” he said.
Impact across sectors
He warned that the economic ripple effect of cultism has touched multiple sectors, including:
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Hospitality
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Transport
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Tourism
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Retail and small businesses
Loss of jobs and declining disposable income have made it even harder for Edo residents and entrepreneurs to thrive.
Fighting back with support
Governor Okpebholo said that the state’s anti-cultism campaign is now gaining momentum, with support from local leaders and stakeholders.
“Edo has great potential. We won’t let violence define us. We’re restoring peace, attracting investors, and rebuilding for the future,” he assured.
He also made a direct appeal to Edo citizens at home and abroad, encouraging them to reinvest in their home state and support efforts to restore economic stability and growth.
