Lagos ‘Omi Eko’ project to require €410 million investment 

The General Manager of LASWA, Oluwadamilola Emmanuel, disclosed this in a statement on Thursday.

The Omi Eko project is aimed at transforming Lagos’ waterways into a world-class transport system that will alleviate the city’s notorious traffic congestion, provide sustainable mobility solutions, and stimulate economic growth.

Emmanuel highlighted that the project is backed by the Global Gateway Initiative, with additional financial support from the French Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB).

According to him, the AFD, EU, and EIB will provide €360 million in funding, while the Lagos State Government will contribute €40 million. An additional €10 million will come from private sector investors.

“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,” Emmanuel said.

A key focus of the initiative is environmental sustainability. Emmanuel noted that the ferries will be eco-friendly, featuring low-emission engines to minimize pollution.

By leveraging public-private partnerships and international funding, the government aims to position water transport as a mainstream option for daily commuters.

If successfully executed, the project could transform Lagos’ waterways into a more efficient, eco-friendly, and commercially vibrant transit system—helping the city move toward a more integrated and sustainable urban mobility model.