Why house is expensive in Abuja - Wike

The Federal Capital Territory (FCT) Minister, Nyesom Wike, has linked the rising cost of housing in Abuja to the influence of market forces.

During a visit to Zeberced Limited Quarry in Kubwa, Wike addressed questions about the high rent situation in the FCT, explaining that increased costs across various sectors are a major factor.

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He emphasized that, in a capitalist economy, pricing, including rent, is driven by market dynamics and not subject to direct government control.

Wike also expressed that while people often complain about the increasing rents, they fail to consider the broader inflation affecting all aspects of the economy.

He highlighted the challenge of trying to impose caps on rent prices, as doing so might discourage investment in the housing sector.

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Although government intervention through regulations is possible, Wike noted that it cannot take over the entire housing process in a capitalist system.