Nyesom Wike, the Minister of the Federal Capital Territory, (FCT), has attributed the increasing cost of housing in the nation’s capital to market forces affecting the economy.
Wike stated this while speaking during the inspection of the Zeberced Quarry in Kubwa on Saturday in Abuja.
“The cost of rent is market-driven. No government puts a cap as regards the cost of rent. It is the market forces,” he said
“Everything has become more expensive. The people who invest in building houses do so with the expectation of making a profit. Complaints about rising rent are misplaced because price hikes are a reality in every sector today, not just housing.”
He further explained that rent prices are governed by the principles of a capitalist economy, which Nigeria follows.
“We are not operating a socialist or communist system. Market forces dictate prices, including rent,” he added.
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While acknowledging the possibility of government intervention through regulation, Wike noted that the government cannot fully control the housing sector.
“We can introduce some regulations, but we can’t dictate rent prices or completely take over the housing processes,” he said.
The rising cost of rent in FCT has been a growing concern among residents, who have been struggling with the affordability of housing.
