Edo State Governor, Monday Okpebholo, has revealed that the state loses over $1 billion worth of potential investments annually due to cult-related violence and insecurity.

Speaking to journalists in Benin City, the governor highlighted how cultism has not only resulted in loss of lives and property but has significantly deterred investments and tourism in the state, contributing to economic slowdown.

"The high spate of cult-related violence in the last five years, long before my assumption of office as the governor of the state, has caused substantial disruptions to economic activities, as investors and business owners increasingly grew wary of the security situation," Okpebholo stated.

The governor cited statistics from the Diaspora Commission indicating that while Edo State tops the list of states with the highest remittance from the diaspora, approximately 95% of these repatriated funds are diverted to other states due to security concerns.

"Our people in the diaspora are scared of coming home to invest. This loss in disposable income, closure of businesses, and decline in tourism has severely impacted the state's business climate," he explained.

According to Okpebholo, the state's critical infrastructure and commercial centers have been affected, with some businesses forced to shut down temporarily or permanently. The fear of violence has also deterred potential visitors, resulting in a downturn in hospitality, transportation, and other tourism-related sectors.

The governor noted that his administration's declaration of "total war" on cult-related activities is already yielding positive results, with more stakeholders joining support groups against cultism in the state.

He appealed to Edo sons and daughters, both in Nigeria and in the diaspora, to bring their investments to the state and help develop its economy.

"Edo State has immense economic potential. We will not allow violence and cultism to define our future. With the right partnerships and firm action, the present government is restoring peace, attracting investments, and repositioning our economy for sustainable growth," Okpebholo added.