Omi Eko Project to Transform Water Transportation, Industry Stakeholders Step In

The Lagos State Government has launched the ambitious Omi Eko Project, a landmark initiative designed to redefine urban mobility through the development of a modern inland waterways transportation system.

The project—whose name translates from Yoruba as “Water of Lagos”—signals a strategic shift toward leveraging the state’s extensive lagoon and waterways network to ease road congestion and drive sustainable transport solutions.

A Multi-Billion-Euro Mobility Vision

Valued at approximately €410 million, the Omi Eko Project is one of the largest inland water transport investments in Africa. It is expected to deploy over 70–75 electric-powered ferries, develop 15 ferry routes, and construct or upgrade about 25 terminals and jetties across the state.

Authorities say the system could serve up to 25 million passengers annually, significantly reducing pressure on Lagos’ overburdened road network and cutting commute times.

The initiative is being implemented by the Lagos State Waterways Authority (LASWA) as part of a broader multi-modal transport master plan.

Addressing Congestion and Climate Challenges

With Lagos recognized as Nigeria’s commercial hub and one of Africa’s fastest-growing cities, transport inefficiencies have long hindered productivity. Residents reportedly spend hours daily in traffic, while transport costs consume a significant share of household income.

The Omi Eko Project aims to tackle these issues by:

• Introducing clean-energy ferries to reduce emissions
• Expanding safe and structured water routes
• Integrating intelligent transport systems (ITS) for ticketing and tracking
• Promoting climate-resilient infrastructure

Experts note that the adoption of electric ferries could reduce carbon emissions by tens of thousands of tonnes annually.

Private Sector Participation and Risk Advisory

As large-scale infrastructure projects expand, risk management, insurance structuring, and advisory services have become critical components of execution.

Industry observers highlight the involvement of firms such as Sunlight Insurance Brokers, under the chairmanship of Michael Abayomi Oluwole, with operational oversight tied to the managerial expertise of Bodunrin Ajimuda.

Within such projects, insurance brokers typically play roles including:

• Structuring marine and infrastructure risk coverage
• Advising on public-private partnership (PPP) risk frameworks
• Supporting compliance with international financing standards
• Facilitating asset protection for ferries, terminals, and logistics systems

Their contributions are particularly relevant given the project’s reliance on international funding partners and advanced transport technology.

International Backing

The Omi Eko initiative has attracted strong global support, including financing from:

• The European Union (EU)
• The European Investment Bank (EIB)
• The French Development Agency (AFD)

These institutions collectively provide loans and grants to support infrastructure development and sustainability goals.

A New Chapter for Lagos Mobility

Governor Babajide Sanwo-Olu described the project as a blueprint for a “smart, inclusive and sustainable” mobility system, emphasizing its potential to transform waterways into “corridors of opportunity.”

With implementation running through 2030, the Omi Eko Project is widely regarded as a defining step toward positioning Lagos as a leader in urban water transport innovation and blue economy development.