The Lagos State Waterways Authority (LASWA) says its ‘Omi Eko’ water transport project will gulp €410 million.
The General Manager of LASWA, Mr Oluwadamilola Emmanuel, said this in a statement made available to newsmen on Thursday in Lagos.
Emmanuel said the project to be financed largely via Global Gateway Initiative with the support of the French Development Agency (AFD), European Union (EU), and the European Investment Bank (EIB).
He said the AFD, EU and EIB would invest €360 million in the project with a counterpart fund of €40 million by the Lagos State Government, while the balance of €10 million would be by the private sector.
“The Omi Eko project is a visionary initiative aimed at transforming Lagos’ inland waterways into a world-class transportation network and a catalyst for urban and economic development.
“Implemented by the Lagos State Government through the Lagos State Waterways Authority, the project implementation is now set to commence this year and will run till 2030.
“The Omi-Eko project focuses on harnessing the potential of the city’s vast waterways to provide sustainable, efficient, and eco-friendly transportation solutions while driving tourism and community growth,” he said.
Emmanuel noted that the project would ameliorate the heavy traffic on Lagos roads by providing a reliable alternative through water transportation and integrating ferry services with existing road and rail networks.
“The project aims to create a seamless multimodal transportation system,” he said.
He said the initiative included dredging and navigation of 15 ferry routes, deployment of 78+ large capacity electric ferries, construction and rehabilitation of 25 ferry terminals with charging stations.
He added that these terminals would feature several modern amenities such as parking facilities, waiting areas, digital payment systems and safety equipment.
“The Omi Eko project deliberately place strong emphasis on protecting Lagos’ waterways and the environment by using eco-friendly ferries with low-emission engines thereby reducing water and environmental pollution.
“The project underscores the importance of Public Private Partnership in creating opportunities for local businesses, artisans, and entrepreneurs by stimulating activities along waterfront communities and tourism hubs.
“Safety is a cornerstone of the project, therefore, LASWA is enforcing strict safety protocols, conducting public education campaigns, and ensuring that all passengers, boat operators, and stakeholders understand the importance of adhering to safety measures.
“A smart ticketing system using the cowry card payment technology is to be adopted to improve passenger convenience and reduce waiting times,” he said.
He said the Omi Eko project envisioned Lagos as a city where the waterways serve as more than a mode of transportation but as a vibrant space for innovation, commerce, and community life.
He said the project would set a benchmark for sustainable urban development in Africa by connecting communities and reducing the strain on the city’s roads.
“The Omi Eko project is a testament to the spirit of Lagos: bold, innovative, and forward-thinking—building a future where the waterways become the heart of the city’s transformation.
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