Nyesom Wike, the Minister of the Federal Capital Territory (FCT), has attributed the increasing cost of housing in the FCT to market forces.
During a visit to Zeberced Limited Quarry in Kubwa-Abuja on Saturday, Wike addressed questions from journalists regarding the high rental prices in Abuja.
He explained that the rise in accommodation costs is a result of broader market trends, noting that overall expenses have increased.
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Wike emphasized that government does not regulate house rents; rather, they are determined by market forces.
Wike said, “You are aware that everything has actually increased. The man who built the houses didn’t build that he will not make profit at the end of the day.
“I don’t agree with people always complaining about rent increases. There are increases in everything today. So, rent should not be singled out.
“You want us to make a law and say that a 2-bedroom flat should not be more than N50,000 or N100,000 for example. I don’t think that will encourage investors.
“We are not running a socialist or communist system; we are running a capitalist economy, and these are determined by market forces.”
The minister also noted that while the government could introduce some regulations, it cannot fully control the housing market processes.
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