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Economic growth

Edo State Governor Declares War on Cultism, Announces Economic Revival Plan

Strategic Insights

— 1 min read

The Governor of Edo State, Monday Okpebholo, has expressed deep concerns over the devastating effects of cultism on the state's economy, citing the loss of over $1 billion worth of potential investments annually. According to the Governor, the high spate of cult-related violence in the last five years has led to significant disruptions to economic activities, with investors and business owners becoming wary of the security situation. The state's critical infrastructure, commercial centers, and tourism sectors have been severely impacted, resulting in a decline in business climate.

Key Takeaways:

  • Edo State loses over $1 billion worth of potential investments annually due to cultism-related violence.
  • 95% of diaspora remittances to Edo State are redirected to other states due to security concerns.
  • Governor Okpebholo has declared a total war on cultism in the state, with efforts yielding positive results.
  • The state is regaining its lost glory, and sanity is being restored, with investors showing interest in the state's economic development.
  • The Governor is urging Edo sons and daughters to bring their investments home and support the state's economic development.
  • The state is giving incentives for investments in agriculture, real estate, and other key sectors.
  • Governor Okpebholo is engaging community leaders, youth groups, civil society organizations, and security stakeholders to foster peace-building and address the root causes of cultism.
  • The Governor remains committed to building a safe and secure environment where businesses can flourish and citizens can live without fear.

Statistics:

  • Over $1 billion worth of potential investments are lost annually in Edo State due to cultism-related violence.
  • 95% of diaspora remittances to Edo State are redirected to other states.
  • The last five years have seen a significant disruption to economic activities in the state.

Sources:

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  • Author: Fred Itua, Chief Press Secretary to the Governor of Edo State.

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