For Nigeria to meet the target of the proposed N1trillion economy by Tinubu’s administra­tion, the Central Bank of Nige­ria (CBN) has been told that a high interest rate regime may stand in the way of actualizing the proposed economy.

Cyril Ampka, an economist, is of the opinion that the quest to build a better economy rests on the real sector and the small and medium scale enterprises (SMEs).

“To build a better economy, a serious country should encour­age the real sector. The high in­terest rate regime we currently operate will not allow the real sector to grow and invariably, the economy,” he said.

In preparation for the N1tril­lion economy by 2030, the Cen­tral Bank of Nigeria (CBN) rolled out a banking recapital­isation plan to enable banks in the country boost their capital through rights issues.

Another analyst, Stephen Iloba, said the CBN should be ready to provide the enabling environment for the manufac­turing sector to be able to ap­proach commercial banks for loans and funds to beef up their businesses.

According to him, “This is certainly not the best time for the CBN to increase interest rate. It will, instead of encour­aging Investment, kill local man­ufacturing.

“No real sector will grow with an interest rate regime of 30 per cent. I am optimistic that the Federal Government will look into this by relaxing it.”