Business
Lagos to Implement €410M Omi Eko Water Transport Project from 2025 to 2030
The Lagos State Waterways Authority (LASWA) has announced the commencement of the €410 million Omi Eko water transport project, set to begin in 2025 and scheduled for completion by 2030.
In a statement released on Thursday, LASWA General Manager Oluwadamilola Emmanuel confirmed that the ambitious project aims to transform Lagos’ inland waterways into a world-class transportation network, providing an efficient and sustainable alternative to road traffic congestion.
Project Funding and Key Investors
The Omi Eko project will be primarily financed through the Global Gateway Initiative, with support from:
Of the total funding, €360 million will come from these international partners, while the Lagos State Government will contribute €40 million as a counterpart fund. An additional €10 million will be invested by the private sector.
Project Scope and Features
The Omi Eko project is designed to significantly enhance Lagos’ water transport system, integrating with the existing road and rail networks to improve urban mobility. Key components include:
Each ferry terminal will be equipped with modern amenities, including:
Sustainability and Economic Impact
Emmanuel emphasized that the Omi Eko project prioritizes environmental sustainability, with the electric ferries featuring low-emission engines to minimize water and air pollution.
Beyond transportation, the initiative is expected to stimulate economic activities in waterfront communities, benefiting local businesses, artisans, and entrepreneurs. A smart ticketing system using Cowry Card technology will also be introduced to enhance passenger convenience and reduce waiting times.
Transition from Banana Boats to Modern Vessels
As part of its long-term strategy, LASWA plans to phase out traditional ‘banana boats’ (small 17-passenger vessels) in favor of larger-capacity ferries.
In 2024, the Lagos State Government introduced the Omi Bus, a larger ferry capable of carrying 40 passengers. According to LASWA official Dayo Ibrahim, banana boat operators will have the opportunity to bid for Omi Buses with government support, ensuring a gradual and adaptive transition.
Background
Sources first reported in December 2023 that Lagos secured funding for the Omi Eko project during COP28 in Dubai. This marks a significant step towards Lagos’ vision of making waterways a hub for innovation, commerce, and sustainable urban development in Africa.