Minister of the Federal Capital Territory, Nyesom Wike, has stated that the increasing cost of housing accommodation in Abuja is due to market forces.
During a visit to Zeberced Limited Quarry in Kubwa-Abuja on Saturday, Wike responded to questions about the FCT Administration’s efforts to address high rent prices.
He emphasized that rent prices, like all commodities, are subject to market forces and cannot be legislated, according to Daily Trust.
Wike noted that investors aim to make a profit and that rent control measures could discourage investment.
He highlighted the capitalist economy’s reliance on market forces, distinguishing it from socialist or communist systems.
The minister’s comments come as Abuja residents face rising housing costs, with many calling for government intervention to address the issue.
Wike’s stance emphasizes the role of market forces in determining rent prices.
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.”
