I cannot believe that Governor Sanwoolu did not use the recent UK-Africa Summit to attract unprecedented investment into the Lagos rail project given that his state is one of the world's favourite investor destinations

By Ayo Akinfe

[1] Those of us who have followed the UK-Africa Investment Summit in London over the last few days have been very impressed with some of the African leaders who attended. For me, the man who stole the show was President Uhuru Kenyatta who not only attracted $1.7bn worth of investment to Kenya but was also invited to open trading on the London Stock Exchange. This represented a massive endorsement of his economic policies by the international investment community

[2] Ghana and Egypt have also been very active at this summit and I am looking to see how much worth of investment they got. Rwanda too is a country whose figures I am keeping a close eye on. As per Nigeria, we only secured $423m worth of investment, which is about a quarter of what the Kenyans raised. Clearly, President Buhari did not come with an action plan and from what I have seen, his visit was mainly to see his APC party members and to consult with his medical doctors. Our attendance at the summit appeared to be a sideshow because I do not understand how Africa's largest economy can fail to appeal to investors at an international investment summit centred on our continent

[3] President Buhari brought three governors in his entourage and I would have thought that they would actually have been the ones securing deals. Governors Babajide Sanwoolu, Dapo Abiodun and Okezie Ikpeazu of Lagos, Ogun and Abia States all have potentially massive markets, which if well pitched, would appeal to any venture capitalist or multinational looking to expand

[4] We all know that Abia State is the leather capital of Nigeria. Governor Ikpeazu is sitting on potentially one of the world's most lucrative footwear, handbag, belt and leather industries, which could make Nigeria a massive supplier to designers like say Gucci and Luis Vuitton. As far as I am aware, Governor Ikpeazu has not secured $1 worth of investment at this summit

[5] Ogun State is in the unique position of being the one who benefits from the Lagos overspill as companies locate their factories there and housing units are built in the state in border towns like Sango-Otta, Mowe, Ibafo, etc. Is Governor Abiodun really trying to tell me that he could not find an investor prepared to invest in say 1,000 housing units in somewhere like Mowe for civil servants who work in Lagos?

[6] If one can forgive Governors Ikpeazu and Abiodun, I do not see how that courtesy can be extended to Governor Sanwoolu. Lagos State accounts for one quarter of Nigeria's gross domestic product (GDP) and one third of non-oil GDP. Were Lagos State a standalone country, she would be Africa's seventh largest economy, ironically just behind Kenya. About 95% of the foreign direct investment that Nigeria attracts goes to Lagos State and as we all know, money follows money, so Sanwoolu should have made a killing at this summit. He should have been the star attraction of the show, whisked all over the City of London as investors fall over him

[7] One area where Governor Sanwoolu could have easily raised $10bn is with rail. He is working on the 35km Lagos Light Railway Project that has been going since 2009 but by now, the plan is obsolete as the biggest transport challenge in the city of Lagos is linking Apapa port to out-of-town cargo terminals by rail. Is anyone going to tell me that if well-packaged plans were presented to investors in London, Governor Sanwoolu would not have attracted investors?

[8] Can I point out that the ongoing Lagos light railway project cannot handle freight or cargo, so to sort out the Apapa gridlock, Governor needs to cobble a heavy duty rail link onto it. London is currently building a 117km Crossrail project due to open next year at a total cost of £18.25bn. Can someone please explain to me why Governor Sanwoolu did not visit the Crossrail project while in London and hold meetings with its financial backers such as the European Investment Bank

[9] Crossrail has been very innovative with its tunnelling, electronic signalling and the construction of a new generation of platforms, that among other things allow for disability access. I am also impressed with their wide diameter tunnels that allow for new Class 345 rolling stock, which is larger than the traditional deep-level tube trains. These are all innovations that Governor Sanwoolu needed to see for himself with a view to introducing them in Lagos

[10] We have just thrown away an unprecedented opportunity to announce that Nigeria is open for business. From what I saw, the Nigerian delegation came to London for a jamboree, medical checkups, photo opportunities, handshakes and to meet their party members in the diaspora. Nigeria’s delegation basically came for a holiday, while the likes of Kenya came in search of investment. Top marks to President Uhuru Kenyatta for a job well done.