Lagos State is poised to attract a staggering £410 million investment through the ambitious Omi-Eko Project, according to the General Manager of the Lagos State Waterways Authority (LASWA), Mr. Oluwadamilola Emmanuel.
In an exclusive interview, Emmanuel revealed that the project, backed by the Lagos State Government and funded primarily by international partners, aims to transform water transportation across the state through massive infrastructure development and the introduction of electric ferries.
“This is a French funded project worth £410 million, with significant contributions from the
Agency for French Development (AFD), European Investment Bank (EIB), and the European Union,” Emmanuel disclosed.
Breaking down the funding structure, the LASWA boss explained that £130 million would come as a loan from AFD, while EIB would provide a £170 million loan. The European Union has committed a £60 million grant reportedly the largest ever awarded to any project in sub-Saharan Africa. Lagos State will contribute £40 million in counterpart funding, with an additional £10 million expected from private sector investments.
The comprehensive project encompasses the procurement of 70 electric ferries, construction and upgrade of 25 jetties and terminals across Lagos, dredging and channeling of 140 kilometers of waterways, and establishment of a fund to support informal boat operators in meeting modern standards.
“We are starting this year, as soon as possible,” Emmanuel stated, indicating that implementation could begin before the end of the second quarter, pending final agreement signing with the Federal Government, which will guarantee the international loans.
This development follows significant progress in the sector during 2024, which Emmanuel described as “a very good year.” Last year saw the introduction of the Omnibus boats—vessels conceived, produced, and operated entirely in Lagos. According to LASWA, 15 of the planned 25 Omnibus boats have been delivered, with the remaining 10 being reconsidered for potential electric or hybrid propulsion systems.
The authority has also made strides in infrastructure development, with 10 of 15 planned jetty renovations completed and the remaining five currently under renovation.
Emmanuel highlighted the cordial relationship between LASWA and the National Inland Waterways Authority (NIWA), noting that the federal agency has issued a letter of support for the Omi-Eko Project. This cooperative approach, alongside structural measures like deploying 103 water guards at jetties and maintaining patrol boats, has contributed to Lagos State’s reputation as a leader in waterway safety across Nigeria.
The LASWA boss also outlined plans for phase three of their command and control centre, which will enable real-time tracking of boats and improved communication systems, further enhancing safety protocols on Lagos waterways.
As Lagos continues to battle traffic congestion on its roads, this massive investment in water transportation could significantly ease the movement of people and goods while promoting environmentally sustainable transportation options in Nigeria’s commercial capital.
