 In business news, the manufacturers association of Nigeria says 767 manufacturers shot down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated these in a statement in which it condemned the recently introduced expatriate employment levy by the federal government. The association said it was struck with disbelief, saying that the levy runs contrary to President Bolatino's renewed hope agenda and the kernel of his fiscal policy and tax reform initiative. According to MAN, the unintended negative consequences on the manufacturing sector are humongous and cannot be accommodated at this time of evident downturn in the economy. The statement further noted that capacity utilization in the sector has declined to 56% amid rising interest rates and scarcity of forex needed to improve or import raw materials and machinery.