The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has attributed the rising cost of housing accommodation in Abuja to market forces, stating that the government cannot intervene in the matter.
According to Wike, the increasing cost of housing is a result of the capitalist economy, where market forces dictate prices. He noted that investors seek profit, and any attempt to control rent prices would discourage investment in the housing sector.
While Wike acknowledged the challenges posed by high rent, he emphasized that the government’s role is limited to regulation, rather than full control of the housing market.
This stance has sparked debate on the need for affordable housing solutions in Abuja, with many calling for innovative approaches to address the issue.