The Lagos State Government on Friday launched the €410 million Omi Eko Project, a major public inland waterways transportation initiative aimed at transforming mobility across the Lagos Lagoon.
The event, held at the Five Cowries Terminal, LASWA Headquarters, Falomo, Ikoyi, was attended by Governor Babajide Sanwo-olu, who officially flagged off the project.
The Omi Eko Project is being implemented by the Lagos State Waterways Authority (LASWA) on behalf of the Lagos State Government. Funding comes from a €360 million investment via the Global Gateway Initiative, with contributions from the French Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB).
The financial package includes a €60 million grant from the EU, a €130 million subsidized loan from AFD, and a €170 million subsidized loan from EIB.
“Lagos State has engaged in the OMI EKO project to develop mass public inland waterways transportation on the Lagos Lagoon. Implemented by the Lagos Stage Waterways Authority (LASWA), this project will run from 2024 to 2030,” the project presentation read.
“The total project investment cost is EUR 410 million. Via the Global Gateway Initiative, the Friend Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB) have joined their efforts to support Lagos State’s initiative by investing a total of EUR 360 million in the project. The financial package includes a EUR 60 million grant contribution from the European Union, a EUR 130 million subsidized loan from AFD, and a EUR 170 million subsidized loan from EIB,” it added.
The project is structured around two main components. The first focuses on the construction of inland waterways transport infrastructure and associated facilities.
It includes developing 15 priority ferry routes, channelizing, marking, and dredging 140 km of ferry channels, building 25 ferry terminals and jetties, installing electric charging stations for e-vessels, setting up maintenance depots, and improving land connections with road surfacing and small transport facilities linking to ferry terminals.
The component also focuses on strengthening LASWA through institutional capacity building and implementing a vessel industry transition program to improve governance and operational standards for the city’s ferry network.
The state government and the investment partners noted that the project is expected to transport 25 million passengers annually, reduce traffic congestion on roads, and offer a more environmentally friendly alternative for commuters.