Sanwo-Olu launches €410m ‘Omi Eko’ project to transform Lagos water transport

The Lagos State Government on Friday launched the €410 million Omi Eko Project, a major initiative aimed at revolutionising public inland waterways transportation across the Lagos Lagoon.

The event, held at the Five Cowries Terminal, headquarters of the Lagos State Waterways Authority (LASWA) in Falomo, Ikoyi, was attended by Governor Babajide Sanwo-Olu, who officially flagged off the project.

Implemented by LASWA on behalf of the state government, the Omi Eko Project is supported by a €360 million investment through 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 subsidised loan from AFD, and a €170 million subsidised 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 State 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 French 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,” it added.

The project focuses on building and upgrading ferry routes, jetties, and terminals while also improving connectivity between waterways and land transport systems. It includes provisions for electric charging stations, maintenance depots, and intelligent transport systems such as e-ticketing and vessel tracking.

Designed with climate resilience in mind, the infrastructure will be capable of withstanding significant sea level rise scenarios, with floating pontoons replacing traditional concrete structures to better adapt to changing environmental conditions.

According to the state government and its investment partners, the project aims to provide a sustainable, efficient, and environmentally friendly transport alternative for Lagos residents.

It is expected to move about 25 million passengers annually, reduce road congestion, and contribute to the city’s transition toward a greener transport network.