CurrentReport Blog The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has acknowledged that the government cannot compel landlords in Abuja to reduce rent prices, stating that rent costs are driven by market forces.
Wike made this remark during an inspection visit to the Zeberced Quarry in Kubwa on Saturday, responding to concerns about the rising cost of rent in the capital city.
“No government puts a cap on rent prices. It is the market forces that determine rent,” Wike explained. He emphasized that the increase in rent is part of the broader economic reality, where the cost of living and expenses have risen across all sectors.
The minister noted that landlords, like other business owners, are entitled to make a profit from their investments. “The man who built the house didn’t build it without expecting to make a profit,” he said.
Wike dismissed complaints about rising rents, urging citizens to understand that rent is just one of many costs affected by inflation. “Do you want us to make a law and say that a 2-bedroom flat should not cost more than N50,000 or N100,000, for example?” he asked rhetorically, highlighting the impracticality of such regulation.
The minister’s comments come amid growing concerns over housing affordability in Abuja, where rent prices have surged in recent years, making it increasingly difficult for many residents to secure affordable accommodation.
