The Nation Newspaper

Tag: Small and Medium Enterprises (MSMEs)

  • Govt begins disbursement of N75b loans to MSMEs

    Govt begins disbursement of N75b loans to MSMEs

    The Federal Government has commenced the disbursement of N75 billion single digit loan to Micro, Small and Medium Enterprises (MSMEs) through the Bank of Industry (BoI).

    Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Tola Adekunle-Johnson, broke the news in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme.

    Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions for accessing the loan.

    He said: “We are live in Ogun, Bauchi, Enugu, Kaduna states simultaneously. In 2023 President Bola Tinubu approved some funds as palliative to cushion the effects of subsidy removal.

    “We are here today to sensitise MSMEs to the loan which is currently open all over the country.

    “MSMEs can work into any Bank of Industry from today and apply for this loan. It is a single digit loan, it is nine per cent, it is fixed, no hidden charges.

    “This is the one and only single digit loan you can get and you can get up to N1 million.

    “It is important for us to sensitise the people to this facility so that they don’t fall into the hands of people that will tell them to bring money before they can access it.”

    The presidential aide said that his office had been collaborating with BoI, which is an important implementing agency for the scheme.

    “If you need any information, if you are not sure of anything, go to the Bank of Industry.

    “Once you provide the requirements, very quickly, you will get yours, immediately,” Adekunle-Johnson said.

    The Managing Director of BoI, Dr. Olasupo Olusi, explained that the N200 billion Presidential Intervention Fund for MSMEs and Manufacturing Enterprises was established to support them towards driving economic growth and job creation.

    Olusi was represented by Mabel Ndagi, Executive Director, Public Sector and Interventions of BoI.

    He said that MSMEs are the driving force behind the nom-oil economy, contributing significantly to innovation, economic growth and job creation in the agriculture, manufacturing and services sectors.

    The director said: “Despite the immense contribution to economic growth, MSMEs struggle to access the necessary funding to reach their full potential.

    Read Also: Floods wreck havoc in Rivers communities 

    “In recognition of this, the Federal Government introduced the N200 billion intervention fund for MSMEs and Manufacturing Enterprises and appointed Bank of Industry as the executing agency to implement this initiative.”

    He reiterated that the bank remains committed to playing its part in promoting and supporting MSMEs growth across the country.

    Also, the Managing Director of Access Bank Plc, Mr Roosevelt Ogbonna, said the bank was committed to supporting MSMEs.

    Ogbonna said: “In 2008, we focused on MSMEs with particular attention on women and youths. Ninety-four per cent of all businesses are MSMEs; 66 per cent of that, are owned by women and youths.

    “That is the reason for our focus; we want to be known as Nigeria’s MSMEs bank.”

    In Ogun, Governor Dapo Abiodun urged MSMEs in the state to take advantage of the N200 billion Presidential Intervention Fund to boost their businesses.

    Industry, Trade and Investment commissioner Adebola Sofela gave the advice at a town hall and sensitisation programme for MSMEs and manufacturing enterprises on the fund in Abeokuta, the state capital.

    The fund comprises N50 billion Nano grant, N75 billion loan scheme for big businesses and N75 billion loan scheme for MSMEs.

    Sofela said the fund was designed to help enterprises to boost businesses and strengthen the operational capacity of entrepreneurs to contribute effectively to the local and national economic development.

    “Many entrepreneurs in the state have benefitted from the Nano grant and other loan schemes of the fund at favourable terms for businesses, which are yielding results.

    “The scheme is ongoing, and we are here today so that more entrepreneurs can be sensitised and their questions answered. We believe that more entrepreneurs will be able to benefit from this programme,” he said.

    The commissioner, who was represented by the Special Adviser to the Governor on Trade, Mrs. Oluyemisi Somorin-Dawodu, noted that the intervention aligned with the economic transformation of Governor Dapo Abiodun’s administration.

    He added that different programmes had been facilitated to engender business growth, skill development, access to finance, and many more, with provision of infrastructure and implementation of business-friendly policies.

    The State Manager of the Bank of Industry (BoI), Mr. Michael Agidani, announced that the N75 bilion loan scheme for MSMEs was available for existing small businesses and start-ups that had registered with the Corporate Affairs Commission (CAC).

    The banker explained that each business could borrow up to N1 million with nine per cent interest rate within fourth and sixth month, and repayable within three years, while enjoying a moratorium of three months.

    A laundry business owner, Mr. Daniel Olukoga, and a member of the Association of Skilled and Vocational Artisans of Nigeria (ASVAN), Mr. Roshid Sodamola, said the programme had proven to be beneficial to different entrepreneurs across the state.

    Also, the Federal Government has given conditions for prospective beneficiaries of the Presidential Grants and Loan Scheme for the Micro, Small and Medium Enterprises (MSMEs) to meet before they can access the loan.

    The Akwa Ibom State Manager of the Bank of Industry (BoI), Tolulope Toluwase, listed the requirements at the formal launch of the scheme in Uyo, the state capital.

    Toluwase said the project targeted 75,000 MSMEs, 75,000 direct jobs and 150,000 indirect jobs.

    The state manager explained that each applicant must present a guarantor not below Grade Level 10 at the Federal Government civil service, BVN/NIN, four passport photographs, a valid means of identification of the applicant and their guarantor.

    He added that any successful applicant who meets all the requirements would get N1 million loan to boast their business.

    Toluwase said the repayment plan would span three years and be made on a monthly basis with an interest rate of a single digit.

    He said: “We believe that N1 million per beneficiary when injected in a small and medium scale operation shall make a significant impact. Since it’s a loan, there must be some documentations. Anyone who wants to access must first of all be in business, must be a sole proprietorship and must be registered with Cooperate Affairs Commission (CAC). The interest rate is actually a single digit.”

  • I will restore investor confidence in economy — Atiku

    The Presidential Candidate of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar, on Wednesday said he would take practical steps to reposition the economy, if elected.

    Delivering the 2019 Quarterly Island Club Business Lecture in Lagos, the PDP flag bearer promised to restore investor confidence in the economy.

    In the lecture titled, “My Vision to get Nigeria Working Again,” Atiku said he would support the private sector by undertaking reforms that would unleash growth in the economy.

    “We will restore confidence in the Nigerian economy. We will implement policies to drive growth.

    “Today, Ghana – a country with just 14 per cent of our population – attracts more Foreign Direct Investment than Nigeria.

    “In order to reverse the trend, our economic policies would be more coherent, consistent and therefore more predictable by the business community.

    “Nothing could be more threatening to investment flows than an environment that is full of policy flip-flops,“ he said.

    Read Also: PDP: Atiku is a consummate democrat

    Reeling out the components in his #The Atiku Plan for the economy, the PDP candidate said he would create the environment for a strong, productive, pro-growth private sector to create opportunities, jobs and fight poverty.

    He said his government would be constantly engaging the private sector in policy -design and policy implementation.

    The PDP candidate said he would liberalise the economic space and privatise all the ailing public enterprises, including the Nigerian National Petroleum Corporation (NNPC).

    “The #AtikuPlan will undertake a de-regulation of the downstream sector of the economy, review the PIB and privatise all four state refineries that operate less than 10 per cent of their installed capacities.

    “We shall channel the proceeds from the privatisation into a special fund for the development of education and health,” he said.

    He added that he would assist Micro, Small and Medium Enterprises (MSMEs) to grow and play their expected roles in the economy through the right policies and programmes.

    The PDP candidate said he would increase investments in human capital, especially in health and education, as the people were the fundamental reason for economic growth.

    “We will create jobs by growing the economy by promoting innovative flagship, job creation programmes such as: The National Open Apprenticeship Programme, through which we shall enhance the capacity of master craftsmen and women to train one million apprentices every year.

    “Our National Innovation Fund and SME Venture initiatives will provide stable and sustainable long-term support to aspiring entrepreneurs.

    “We will create an Economic Stimulus Fund with an initial investment capacity of approximately 25 billion dollars to support private sector investment in infrastructure,“ he said.

    The PDP candidate promised to embark on workable power reform to improve power supply.

    He also promised to improve liquidity by undertaking fiscal restructuring if elected.

    Abubakar said repositioning the economy required a government that had the right focus, adding the PDP would meet the economic goals of Nigerians, if elected.

    Speaking on the recent suspension of the former Chief Justice of the Federation, Walter Onnoghen, Abubakar described the Federal Government‘s action as wrong.

    Abubakar said the constitution already spelt out the rules for the suspension and removal of the CJN, pointing out that due process was not followed in Onnoghen’s suspension.

    He urged all Nigerians to use the opportunity of the February elections to vote the candidate with the right competence to govern the country.

    The PDP thanked the Island Club, a foremost social club in Lagos, for the platform to speak and articulate his economic vision for Nigeria.

    The News Agency of Nigeria (NAN) reports that prominent Nigerians at the lecture were former President Olusegun Obasanjo, Senate President, Dr Bukola Saraki, PDP National Chairman, Prince Uche Secondus and Sen. Ben Murray-Bruce.

    Others at the lecture included a PDP chieftain, Chief Bode George, PDP governorship candidate in Lagos, Mr Jimi Agbaje and former governor of Ogun, Chief Gbenga Daniel.

    NAN

  • AfDB wants MSMEs lending in Africa to be increased to $135bn

    AfDB wants MSMEs lending in Africa to be increased to $135bn

    The African Development Bank (AfDB) has called on financial credit providers to increase lending to Micro, Small and Medium Enterprises (MSMEs) in Africa to 135 billion U.S. dollars.

    A statement issued by Mr. Emeka Anuforo, the Communications Officer of the Bank, in Abuja on Wednesday said that increasing affordable loans would promote the growth of MSMEs on the continent.

    The statement quoted Dr. Akinwumi Adesina, the President of AfDB, as saying that although Africa had the highest percentage of adults starting or running new businesses in the world, the productivity nonetheless remained low.

    Adesina solicited a holistic policy approach to strengthen entrepreneurship to facilitate Africa’s industrialisation and tackle the myriad financial constraints facing small-scale businesses.

    “The entrepreneurial culture is vibrant, with about 80 per cent of Africans viewing entrepreneurship as a good career opportunity.

    “New industrialisation strategies should focus on leveraging this dynamism and targeting the continent’s fast-growing private enterprises which have potential to create quality jobs.

    “Given Africa’s potential for increased involvement in this sector, AfDB is also increasing its efforts to promote access to finance for entrepreneurs to create start-ups and expand existing businesses,” he said.

    Adesina said that the bank in 2016 provided financial services to 156,000 owners and operators of MSMEs via financial intermediaries to address a key challenge facing efforts to start and grow businesses.

    He said that AfDB had collaborated with USAID, the Fund for Africa Private Sector Assistance and the International Labour Organisation (ILO) to build the capacity of SMEs in Zambia.

    He said that the partnership was to enable the nation’s financial institutions to become efficient in lending to smaller businesses.

    According to him, the bank is also launching some new programmes that are designed to help Africa to attain its industrialisation goals.

    Adesina said that the bank was also collaborating with the European Investment Bank and the European Commission to help create and grow 1,500 innovative businesses, while creating 25 000 direct jobs and 100,000 indirect jobs.

    He said that the collaboration would also improve environmental, social and management practices in youth-owned SMEs across Africa.

    News Agency of Nigeria (NAN) reports that AfDB, a regional multilateral development bank which has 81 countries as members, promotes the economic and social development of its members.

  • MSMEs clinics: we are on track to impact 360,000 MSMEs yearly – Presidency

    MSMEs clinics: we are on track to impact 360,000 MSMEs yearly – Presidency

    Mr Tola Johnson, the Special Advicer to Vice President Osinbajo on Micro, Small and Medium Enterprises (MSMEs) says the Federal Government’s goal to empower 360,000 MSMEs annually is on course.

    Johnson, a member of the recently inaugurated 22-member council for Nigeria’s MSMEs sector said this in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday.

    According to him, the empowerment process is being done through the MSMEs clinics.

    The MSMEs clinics is an initiative of the Presidency, aimed at addressing grassroots problems of MSMES across Nigeria.

    Vice President Osibanjo had inaugurated the programme in January in Aba, which was home to many local manufacturers in the country.

    “The target of the MSMEs clinics is to try and affect positively, the lives of 360,000 MSMEs in a year. People keep saying it is a very tall order, but it is achievable.

    “So far, we have only gone to three states and we have successfully engaged with 4,602 MSMEs and we haven’t even touched Lagos, Port Harcourt, and Kano.

    “In May, I’m sure the number will double significantly because we are going to five states.’’

    Johnson said that the Federal Government was presently working toward reopening at least six industrial development parks in the country, one for every region.

    “The government has about 23 industrial parks, only about two or three of them are working, the others are moribund.

    “We have gone to inspect the one in Abuja for a start, and look at a few around the country, to see how we can either through Public Private Partnership or whichever way the government decides to quickly reactivate at least six.

    “We plan to have SMES access them, because what this does for them is that it will help solve many of their business problems.

    “When they co-exist in a shared facility, once NAFDAC regulates and confirms that this shared facility meets the standard, you have made the standard, she has made the standard, and he has made the standard.

    “Also, these clusters of 50 to 200 businesses won’t likely be asked for collateral. Your access to loan will be easier and you will not be as risky as you were before.

    “So, the industrial development parks will de-risk the sector in those aspects,” he said.

    Johnson said that from the 4,602 MSMEs they had interacted with so far, contrary to common belief, access to finance was not the main bottleneck of MSMEs in the country.

    For instance, he said many of them do not know how to put up a profit and loss account, which hinders effective management of funds.

    He said first of all, owners of MSMEs in the country were in dire need of capacity building then access to the right kind of financing facility.

    “This is why you have businesses that open in January and shutdown in December. So many of them need capacity building then access to finance.

    “Access to finance has to be in the right structure to be of benefit to MSMEs, because if you want a loan you can go to any commercial bank and get it at 25 to 30 per cent.

    “However, access to finance for at least five years tenure, single digit is the right structure for these businesses and the government is already working to address this with the newly established Development Bank of Nigeria.

    “The core function of the DBN is to address the bottlenecks in the MSMEs sector.

    “It intends to clean it up, make it more attractive and serve as wholesale banker to commercial banks, Microfinance banks so they can lend to the MSMEs at a good rate and longer tenure.’’

    Johnson said that through the MSMEs clinics, other challenges faced by the businesses were being addressed on the spot, from difficulties getting NAFDAC number, adequate electricity and tax clearance, among others.

    “I can tell you that at least, hundreds of NAFDAC numbers have been collected since we started the clinics.

    “For NAFDAC, when the clinics started, the first thing they did was to reduce MSMEs product registration by 50 per cent.

    “Bank of Industry (BoI) also decided that the MSMEs fund they had inaugurated about two years ago, which wasn’t doing particularly well, they said `you know what, lets re-launch this fund this year in line with the MSMEs clinics.

    “We told them you cannot use universal criteria to judge the MSMEs. So try and reduce some of the criteria.

    “If you have your documentation right, if you need between one and N10 million credit facility, you don’t need collateral. Just get two solid guarantors. So once this is achieved, it will be a step forward,” he said.

    When asked if the government may consider granting tax breaks to MSMEs as encouragement, Johnson said the government was looking at every option that could make their lives easier and better.

    “From the Federal Inland Revenue Service, to the Vice President, they are looking at so many options, to give MSMEs breathing space to strive and expand,’’ he said.

    NAN reports that other members of the council include the Ministers of Finance, Trade and Investment, Budget and National Planning, Agriculture, Power, Works and Housing, Central Bank Governor, and President Manufacturers Association of Nigeria.

  • Agriculture way out of our hardship – CBN Governor

    Agriculture way out of our hardship – CBN Governor

    The Central Bank (CBN) Governor, Godwin Emefiele, has urged Nigerians not to despair or contemplate leaving the country because of hardship but to stay behind and join hands in salvaging the situation through agriculture.

    Emefiele declared that “there is no more place to run to,” ostensibly advising Nigerian’s productive age to remain in Nigeria and embrace agriculture as there may not really be a greener pastures elsewhere any longer due to the global economic challenges.

    The CBN boss who gave the advice while speaking with  reporters in Abeokuta, the Ogun state capital, after inspecting some farm settlements in Eriwe, Kotopo and Odeda – all in Ogun State, on Tuesday, said CBN is poised to committed farmers financial assistance.

    He disclosed that the N250b Agricultural credit facility meant for farmers in Nigeria has not been fully disbursed to them.

    He also added that of the N220b earmarked for Micro, Small and Medium Enterprises (MSMEs), “less than N80b” of it is utilised.

    According to him, the CBN is ready to burst such idle funds with the agricultural credit scheme and make it available to serious state governments to enable them boost agricultural productivity,

    He said the measure is part of President Muhammadu Buhari’s determination to boost agricultural production particularly in rice, cassava, maize, cocoa and palm oil, for local consumption and export.

    In the inspection team, also, are the Minister for Agriculture, Chief Audu Ogbe, Governor Ibikunle Amosun, his Kebbi State counterpart, Atiku Bagudu, who is the Chairman of the Presidential Task Force on Agriculture.

    The CBN Governor said: “the point is this: there is no other place to run to but it’s just going back to farm according to Mr President and then improving agricultural potentials of this country.

    “We have under our Commercial Agricultural Credit Scheme over N250billion which has not been fully disbursed.

    “We were also at a farm at Eriwe where we also talked about our micro and small and medium enterprise loan scheme, it’s about N220billion and just less than N80billion of it is utilised.

    “We are going to see to how small holder farmers can benefit from our anchor borrower programme through the micro, small and medium enterprise.

    “And for the states, when we find the state that is serious and ready to work with us, we burst the commercial agricultural credit scheme facility that we have because the President has mandated that those who are serious we must support. That is the essence of visitation.”

    According to him, the Bank of Agriculture (BoA) would be properly restructured and organised to make it more efficient in performing its statutory mandate.

    He rued that most of the agricultural schemes that helped to nurture and develop the nation’s first Republic have all remained largely “moribund” because they were abandoned.

    He explained that essence of the tour of Ogun state and other Southwest states
    state is enable them identify some of those age – long agricultural potentials and revive some of them.

    Emefiele noted that the mandate of  president Buhari to the CBN regarding the South West is situate how to get the region back to increasing  the production of cassava, maize as well as return to cocoa production.

    He said: “for us to go round the entire federation, it is not just about rice, tomatoes, millet (production), but also about even coming down south. What can we do to resuscitate some of our age-long agricultural potentials.

    “I see here a dam; I understand there are 11 dams in this state and in this facility, you have the facilities that were developed in the first republic that have become moribund as a result of the fact that they were abandoned. But I can assure you that the farm can be resuscitated. We can get nine season farming for maize particularly.

    “And in the South Western part of the country, the mandate the president has given is that for the South West, we must situate how do we get back in ensuring that we increase the production of cassava, maize and go back again into cocoa production, so that with maize you can now support the poultry productivity in the South Western part of the country.

    “After this, we will go to the South South and the South Eastern parts of the country. Again, how can we again go back and begin to say that we have species of palm trees that can begin to produce foods in three years, in three and half years.

    “This is the entire essence of it. Why am I here? That we should be able to put in place more funds to support agricultural production in this country.

    “The Federal Ministry of Agriculture is also working towards ensuring that the Bank of Agriculture is properly restructured so that they can perform the responsibilities that they have been given under the law to boost agricultural production in the country.”

    Also speaking with reporters,  the Agriculture Minister, Chief Audu Ogbe, reiterated his earlier call on Nigerians to return to agriculture as the road map out of the nation’s near mono economy.

    Ogbe warned that if Nigeria failed to embrace agriculture fully, the citizens may die of hunger.

    He said: “the time has come for us to get down to work. For too long, we have depended on imported commodities. We have almost destroyed our country. Let’s get back to work.

    “Agriculture is important for you, younger people. The future is yours, not mine. If you don’t feed yourselves, you will die of hunger and migrating to Europe isn’t the answer. The conditions there are worse.

    “Many Nigerians who go to Brazil, China end up in prisons. Not long ago, a Nigerian was killed on the streets of New Delhi for pushing a wheelbarrow. They said he was taking their job.

    “We can grow the fishes, maize, cattle, chicken. We can export to every corner of the earth simply by organizing ourselves. That’s why we are here. That’s what the Governor(Sen. Ibikunle Amosun) is doing.

    “The CBN governor, Godwin Emefiele is here. Kebbi state governor, Abubakar Bagudu is here. We travel around like this. The Federal Government has no farm. There is no farm where the minister can go.

    “The farms are in the state and the state belongs to the farmers who are doing the real work. I can assure that there is only one way for economic recovery, it’s agriculture, agriculture and agriculture and anything else can follow. We are collecting data.

    “The next year’s budget is a bit more sizeable than before. You will see evidence around here (Farm settlements and establishments in Ogun State) very soon,” Ogbe said.

  • N25bn ETF: Lagos targets 100,000 entrepreneurs by 2019

    N25bn ETF: Lagos targets 100,000 entrepreneurs by 2019

    …Fund will impact on the lives of Lagosians – Commissioner

    The Lagos State Government on Monday said that it has set a target to utilize the N25billion Employment Trust Fund to provide financial support to over 100,000 Micro, Small and Medium Enterprises (MSMEs) within the next three years.

    Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode, who spoke while briefing journalists at the Bagauda Kaltho Press Centre said the fund, was in line with Governor Akinwunmi Ambode’s vision to create employment and entrepreneurship opportunities for all Lagosians.

    Acknowledging the fact that Lagosians are eagerly awaiting the commencement of the fund, especially with the challenging economic recession, the Executive Secretary said the Board set up to manage the funds had spent the last few months perfecting strategies and addressing grey areas ahead of the commencement of the disbursement of the funds later this year.

    Explaining further, he said the Board of Trustees embarked on several strategy sessions to define the mission, vision, core values and strategic framework to guide the Fund’s activities.

    “After the completion of the research exercise, the Board working with its appointed consultants developed a strategic framework articulating the goals of the Board, the key interventions designed to enhance job creation, and the supporting infrastructure needed to deliver the set goals. This exercise has now been concluded and approved by the Lagos State Executive Council,” he said.

    Highlighting some of the framework for the disbursement, Oyebode said the fund would provide loans to MSMEs at a single digit interest rates per annum, while training and capacity building and technical support would be provided to drive growth and job creation.

    “The businesses we support must demonstrate capacity to repay our loans; be owned by Lagos residents duly registered by the Lagos State Residents Registration Agency (LASRRA); show evidence of tax payments to the Lagos Inland Revenue Service (LIRS); and have valid Bank Verification Numbers (BVNs). In addition to our MSME financing schemes, we will also train unemployed residents to either take up identified jobs or run their businesses,” he said.

    Oyebode added that in adherence with Section 6 of the Lagos State Employment Trust Fund Law of 2016, the Board has forwarded the Operating Guidelines outlining the proposed interventions and eligibility criteria for approval by the Lagos State House of Assembly.

    Oyebode expressed optimism that the fund would have multiplier effect with the capacity to create 300,000 direct and 600,000 indirect jobs while about 200,000 new tax payers would be added to the State’s tax net.

    He said that the LSETF Board, in order to ensure sustainability of the Fund, has set its target to raise a minimum of N25 billion from domestic and international donors, in addition to the N25billion already committed by the State Government.

    “Once the pilot phase is completed, we will roll-out our loan schemes in all 57 LGAs and LCDAs across Lagos State. The full rollout will see us visit all LGAs to hold stakeholder sessions, where our staff will educate applicants on the application process, and the eligibility criteria for our various schemes. We are also in the process of setting up liaison offices in 20 LGAs, to bring the Fund’s activities closer to the people, and increase our points of representation to serve Lagos residents,” he said.

    Corroborating him, Commissioner for Wealth Creation and Employment, Dr. Babatunde Durosinmi-Etti said Governor Ambode’s administration was committed to ensuring the fund impacts on the lives of Lagosians.

    He lauded the plan by the LSETF Board to set up offices in 20 Local Governments in the State, saying that it would go a long way to ensuring that no area is marginalized.

    “It is important that this process has taken considerable time, we need to make it work and also ensure that it is to the benefit of all Lagosians,” Durosinmi-Etti said.

    Adding his voice, Chairman, House Committee on Wealth Creation and Employment, Hon. Sola Giwa, assured that members of the House would give the Operational Guidelines of the fund expeditious passage.

    “This is one of the pivotal promises of Governor Ambode and I can assure you that the House would do its best to ensure that we do it right,” Giwa said.