The Lagos State Government has officially launched the €410 million Omi Eko Project, a large-scale inland waterways transportation initiative designed to revolutionize urban mobility across the Lagos Lagoon.
Governor Babajide Sanwo-Olu flagged off the project on Friday, October 17, 2025, at the Five Cowries Terminal, headquarters of the Lagos State Waterways Authority (LASWA) in Falomo, Ikoyi.
The Omi Eko Project, implemented by LASWA on behalf of the state, is financed through a €360 million investment under the Global Gateway Initiative, supported by the French Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB).
The funding structure includes a €60 million EU grant, a €130 million low-interest loan from AFD, and a €170 million subsidized loan from EIB. The project will run between 2024 and 2030.
Key Project Components
The Omi Eko Project is built around two main components — infrastructure development and sustainable operations.
1. Infrastructure Development
This phase involves:
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Constructing 15 major ferry routes across Lagos.
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Dredging, marking, and channelizing 140 km of ferry passages.
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Building 25 modern ferry terminals and jetties.
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Installing electric charging stations for eco-friendly ferries.
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Setting up maintenance depots and improved road connections to terminals.
All ferry terminals will be designed to withstand sea level rise projections up to 2100, with advanced drainage systems and floating pontoons to reduce flooding risks and enhance adaptability to changing water levels.
2. Sustainable Transport Operations
This second component will establish a modern, green water transport system through:
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Acquisition of over 75 electric-powered ferries.
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Deployment of intelligent transport systems (ITS), including smart ticketing, passenger information displays, real-time vessel tracking, and control centers.
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Institutional strengthening of LASWA, including training, governance improvements, and a vessel industry transition program to raise operational standards.
Expected Impact
The Omi Eko Project is projected to:
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Transport over 25 million passengers annually, easing road congestion.
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Reduce greenhouse gas emissions through the introduction of electric-powered ferries.
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Boost economic productivity by shortening commute times and connecting more communities via water routes.
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Enhance Lagos’s resilience to climate change through adaptive marine infrastructure.
Governor Sanwo-Olu described the initiative as a transformational leap for Lagos’s transportation network, aligning with the state’s long-term vision of building a multi-modal, sustainable, and climate-resilient mobility system.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
