By Onyeka Ezike
Mr Damilola Emmanuel, Special Adviser to the Lagos State Governor on Blue Economy, said the Lagos “Omi Eko” Project is a comprehensive plan to formalize and modernize water transportation in Lagos State.
Emmanuel who was on “Creative Naija” program on Mainland FM, Lagos explained that the six-year project, supported by both local and international partners, seeks to integrate water transport with other modes , the Red, Blue, and Green rail lines is forming a three-point agenda for Lagos’ multi-modal transportation reform.
“The Omi Eko Project will introduce over 70 hybrid-electric ferries, upgrade 20 jetties and terminals, dredge 140 kilometres of waterways, and provide capacity building for stakeholders. It also includes a vessel industry transition programme to ensure no one in the informal sector is left behind,” he said.
According to Emmanuel, the €410 million project is being jointly funded by the Agency for French Development (AFD), European Investment Bank (EIB), European Union (EU) and the Lagos State Government.
“The EU’s €60 million grant, he noted, represents the largest of its kind for a developmental project globally, while Lagos State contributed €40 million, alongside €10 million from private investors”.
He added that, although the investment seems enormous, the long-term impact justifies the cost.
“Transforming a sector requires substantial investment. The impact will be worth it, generating revenue, improving connectivity, and reshaping how people move and trade across Lagos and beyond,” Emmanuel stated.
The project’s repayment plan spans seven years, backed by Federal Government guarantees, and is expected to generate sustainable revenue streams for Lagos, while unlocking new economic opportunities across the sub-region.
