Lagos Invests N12 bn in Omi Eko Project with 78 Electric Ferries to Boost Urban Mobility

The Lagos State Government, through the Lagos State Waterways Authority (LASWA), is set to officially launch the ₦12 billion Omi Eko Project on Friday, October 17, 2025, at the Five Cowries Terminal, Falomo. The project marks a major stride in the state’s long-term vision for sustainable transportation, infrastructure innovation, and smart city development.

The Omi Eko Project represents a bold move by the Lagos State Government to modernize its water transport system and strengthen intermodal mobility. With an investment exceeding ₦12 billion, the initiative will introduce 78 high-capacity electric ferries, digital ticketing systems, and intelligent terminal infrastructure — a first of its kind in West Africa.

According to LASWA, the project is designed to reduce travel time by up to 40%, cut road congestion, and provide safe, clean, and efficient transport alternatives for millions of commuters. It is also expected to open new investment opportunities for local and international partners across the blue economy, technology, and marine logistics sectors.

Speaking on the development, the Managing Director of LASWA, Mr. Damilola Emmanuel, described the Omi Eko Project as “a transformative investment in Lagos’s water transport infrastructure, promoting cleaner energy, sustainability, and innovation-driven growth.”

The launch, which begins at 10:00 AM, will feature top government officials, private investors, development partners, and media executives. Governor Babajide Sanwo-Olu will lead the official unveiling ceremony, which includes a digital presentation of the project’s impact and a showcase of Lagos’s evolving transport ecosystem.

The Five Cowries Terminal, a key hub in Lagos’s intermodal transport network, was strategically selected to host the event. It reflects the integration of land and water mobility outlined in the Lagos Urban Mobility Plan, aimed at ensuring efficient, environmentally friendly, and economically viable transportation across the state.

The project is also anticipated to create over 2,000 direct and indirect jobs, boost local manufacturing of marine components, and enhance trade efficiency along Lagos’s inland waterways.