Nigeria: $428.2mln Omi Eko project to transform Lagos inland waterways
The Lagos State Waterways Authority (LASWA) has said that the EUR 410 million Omi Eko project is a visionary initiative aimed at transforming Lagos' inland waterways into a world-class transportation network and a catalyst for urban and economic development.
In a statement issued recently, LASWA stated that the project implementation is now set to commence this year (2025) and run through till 2030.
According to the LASWA statement, 'With a total investment cost of EUR 410 million, the project financing is largely via Global Gateway Initiative in which the French Development Agency (AFD), the European Union (EU), and the European Investment Bank (EIB) joined efforts to support the Lagos State Government by investing a total of EUR 360 million in the project with a counterpart fund of EUR 40 million by the Lagos State government and remaining EUR 10 million by the private sector.
'The Omi-Eko project focuses on harnessing the potential of the city's vast waterways to provide sustainable, efficient, and eco-friendly transportation solutions while driving tourism and community growth.
'The project seeks to ameliorate the heavy traffic on Lagos roads by providing a reliable alternative through water transportation and integrating ferry services with existing road and rail networks, the project aims to create a seamless multimodal transportation system.
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'The initiative includes dredging and navigation of 15 ferry routes, Deployment of 78+ large capacity electric ferries, construction and rehabilitation of 25 ferry terminals with charging stations. These terminals will feature several modern amenities such as parking facilities, waiting areas, digital payment systems and safety equipment.
'The Omi Eko Project deliberately place strong emphasis on protecting Lagos' waterways and the environment by using eco-friendly ferries with low-emission engines thereby reducing water and environmental pollution.
'The project underscores the importance of Public Private Partnership in creating opportunities for local businesses, artisans, and entrepreneurs by stimulating activities along waterfront communities and tourism hubs.
Safety is a cornerstone of the project, therefore LASWA is enforcing strict safety protocols, conducting public education campaigns, and ensuring that all passengers, boat operators, and stakeholders understand the importance of adhering to safety measures.
'A smart ticketing system using the cowry card payment technology is to be adopted to improve passenger convenience and reduce waiting times.'
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