Minister of Federal Capital Territory (FCT), Nyesom Wike, has disclosed the inability of the government to control the high house rents by forcing landlords to reduce rent in Abuja, saying it is market-driven.
Wike who spoke yesterday when he inspected the Zeberced Quarry in Kubwa, Abuja, which he described as the largest in West Africa, said such an order could be counterproductive and limit investments in real estate.
The minister further said the immediate priority of his administration is to focus on other areas of human development that would benefit everyone and ultimately lead to a crash in the overall cost of living.
“No government puts a cap on the cost of rent. It is the market forces. You are aware that everything has increased because of costs. The man who built the house didn’t build that he would not make a profit at the end of the day.
“I do not agree with people always complaining about rent increases, there are increases in everything today, so rent should not be singled out. Do you want us to make a law and say that a 2-bed room flat should not be more than N50,000 or N100,000, for example? I do not think you are encouraging investors. That is not our major problem now,” he stated.
The minister while speaking on his impression of the quarry, said with what he saw on the ground, the cost of construction ought not to be very expensive.
