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The humanitarian activist, known for his work addressing food insecurity, announced his decision just 24 hours before the election.
Iyere's withdrawal comes amid internal party conflicts, with accusations of a conspiracy involving his running mate, Bright Enabulele.
According to Iyere, these internal struggles pushed him to focus on broader national goals.
"Serving as a governor will place limitations on me," Iyere said, explaining that he is now committed to serving Nigeria at large.
Iyere targets national development
His national focus centres around his 'Food4All Initiative', a program aimed at achieving food security and creating mass employment through the 'One-Family-One-Farmer Scheme'.
He has already presented the initiative to President Bola Tinubu and is working closely with the federal government on plans to launch it in October 2024.
Comrade Iyere's vision extends beyond the governorship. He plans to assist the federal government in creating a roadmap for economic inclusion and youth engagement through social intervention programs.
"Our intervention programmes will enhance opportunities for youth entrepreneurship in multiple sectors," Iyere said.
With his focus now on creating over six million youth and women entrepreneurs, Iyere urged Edo voters to choose wisely, shun violence, and vote their conscience.
He remains optimistic that his efforts at the federal level will contribute to Nigeria's economic recovery and poverty alleviation.