The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has attributed the rising cost of housing in Abuja to market forces.
Wike made this statement during his visit to Zeberced Limited Quarry in Kubwa-Abuja on Saturday to inspect the company’s activities.
While responding to journalists’ questions about the FCT Administration’s plans to tackle escalating rents in the nation’s capital, Wike stressed that the rising costs reflect economic trends.
The minister dismissed complaints about rising rents and argued that price hikes across sectors mean rent should not be singled out, noting that the government cannot legislate housing prices in a free-market economy.
Wike further said that a law to cap rent prices, such as setting a limit of N50,000 or N100,000 for a two-bedroom apartment, would deter investment.
However, he said while authorities could introduce some measures, they cannot completely control the housing process.
“You are aware that everything has actually increased. The man who built the houses didn’t build that he would 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, but cannot totally take over the housing processes,” said Wike.
Soaring Rents: Wike Defends Abuja Landlords is first published on The Whistler Newspaper
