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NEWS

Lagos set to transform waterways with €410 million Omi Eko project

February 14, 2025 • 2 min read

February 13, 2025

By Adedoja Adesoji

The Lagos State Waterways Authority (LASWA) has announced that the implementation of the €410 million Omi Eko water transport project will commence this year and is scheduled for completion by 2030.

The project aims to transform Lagos’ inland waterways into a world-class transportation network.

LASWA’s General Manager, Oluwadamilola Emmanuel disclosed this in a statement made available to the News Agency of Nigeria (NAN) on Thursday in Lagos.

According to LASWA’s General Manager, Oluwadamilola Emmanuel, the project will be financed largely through the Global Gateway Initiative, with support from the French Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB).

The AFD, EU, and EIB will invest €360 million, while the Lagos State Government will provide a counterpart fund of €40 million, and an additional €10 million will come from the private sector.

The Omi Eko project includes the dredging and navigation of 15 ferry routes, the deployment of over 78 large-capacity electric ferries, and the construction and rehabilitation of 25 ferry terminals equipped with charging stations.

The project is expected to alleviate traffic congestion on Lagos roads by offering a reliable water transport alternative integrated with existing road and rail networks.

Emmanuel emphasized the project’s environmental sustainability, noting that the eco-friendly ferries would have low-emission engines to minimize water and air pollution.

The project is also expected to create economic opportunities by stimulating activities in waterfront communities, benefiting local businesses, artisans, and entrepreneurs.

A smart ticketing system using the Cowry Card payment technology will also be implemented to improve passenger convenience and reduce waiting times.

The project envisions Lagos’ waterways as hubs for innovation, commerce, and community life, setting a benchmark for sustainable urban development in Africa.