By Lukman Olabiyi
Lagos State Governor Babajide Sanwo-Olu has secured a significant endorsement from the European Union (EU) for the €410 million ‘Omi Eko’ project, aimed at transforming Lagos’ inland waterways into a world-class transportation network.
On Thursday, May 29, the governor hosted the EU Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, at the State House in Marina, Lagos, where they finalised discussions on the landmark initiative.
The ‘Omi Eko’ project, a public-private partnership, will be jointly funded by the EU, the French Development Agency (AFD), the European Investment Bank (EIB), and the Lagos State Government. According to the Lagos State Waterways Authority (LASWA), the AFD, EU, and EIB will contribute €360 million, with Lagos State providing a counterpart fund of €40 million and an additional €10 million from the private sector.
Governor Sanwo-Olu announced that, following the completion of feasibility studies, the project’s groundbreaking is scheduled for the end of June 2025.
“With the ‘Omi Eko’ project, we are taking a bold step toward creating a more efficient and integrated urban transportation network. This initiative will deliver high-capacity electric boats, new terminals, and enhanced surveillance infrastructure to ensure safety on our waterways,” the governor said. “It’s one of the legacy projects my administration will leave behind to redefine public mobility in Lagos.”
Sanwo-Olu highlighted the project’s potential to reduce traffic congestion, boost tourism, and attract investment, urging partners to expedite funding and material mobilisation for civil works.
Ambassador Mignot described the EU’s commitment as a milestone in EU-Nigeria relations, confirming that agreements are ready for signing, with a formal launch planned for late June 2025. “I will be joining the French Ambassador in Lagos to mark this historic investment,” he said.
Mignot also disclosed plans for increased EU investment in Nigeria’s technology sector, led by German agency GIZ, and the entry of the EU’s Infrastructure Development Bank into the Nigerian market. He praised Lagos’ role as a hub for European economic activity and noted the restructuring of the European Chamber of Commerce to enhance trade ties.
Sanwo-Olu reaffirmed Lagos’ commitment to safeguarding foreign investments and expressed enthusiasm for deepening cooperation with EU member states.
The ‘Omi Eko’ project, part of the Lagos State Climate Action Plan 2020–2025, aims to decarbonise public transport with 78 electric ferries, 25 upgraded ferry terminals, and 140 km of dredged waterways. Implementation is set to begin in 2025 and conclude by 2030, integrating water routes with road and rail networks to create a multimodal transport system.