Lagos Gets EU’s Signal For €410 Million ‘Omi Eko’ Project
By Sulaimon Salau
Barring any unforseen circumstances, the Lagos State Government, and the European Union (EU) will soon float the €410 million Omi Eko’ project.
‘Omi Eko’ project is a visionary initiative designed to transform Lagos’ inland waterways into a world-class transportation hub.
Governor Babajide Sanwo-Olu, today Thursday, met with the European Union (EU) Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Mr. Gautier Mignot, to discuss the project and strengthen the Lagos-EU cooperation and multilateral business relations.
The project, estimated to cost €410 million, is to be jointly financed through public and private equities, with all partners — European Union, French Development Agency, European Investment Bank and Lagos State Government — supervising its implementation.
After the completion of feasibility analysis by project partners, Sanwo-Olu said he was delighted that the project would formally take off next month. He said the ‘Omi Eko’ initiative would harness the economic potential of the State’s aquatic ecosystem to solve socio-economic problems, while providing alternative for the residents in mobility.
He said: “With Omi Eko project, we are about to enhance the capacity of our infrastructure to provide quicker connectivity options for our residents. There will be more stations, more high-capacity electric boats and better water transportation services. The initiative will also enable us to expand the security and surveillance capabilities to make our waterways more navigable.
“The entire project fits into our vision of delivering integrated urban transportation system that will be efficiently operated. In terms of sustainability, the initiative is designed to adapt to future adjustments but the project has to commence so that we can have measurable progress before the expiration of our term in office. Omi Eko is one of the legacy projects my administration will be bequeathing to change the face of public transport system in Lagos.”
Sanwo-Olu said the EU’s investment in Lagos’ waterways would create a significant boost for tourism and further make the Lagos to be more competitive for destination investors.
The Governor said the State would be delighted to see the project taking off next month, urging the partners to ensure timely release of funding and front-loading of materials required for civil work on the project.
Sanwo-Olu also welcomed the planned move by EU-owned Infrastructure Development Bank to make a foray into the Nigerian financial system, describing the decision as a “positive step”.
Mignot said he brought “good news” from the EU investors, disclosing that groundbreaking would be performed by parties at the end of June to formally launch ‘Omi Eko’ project.
The envoy said: “We have good news both from the EIB and AFD; now we are ready to sign the agreements that will allow the over €400 million Omi Eko project to kick off. By the end of June 2025, we will be organising a launching event in Lagos where I will be joining the French ambassador to make landmark investment decision.”
Appreciating the commitment of Lagos Government to the bilateral relationship made with EU, Mignot observed that the significant part of the European economic presence in Nigeria was largely resided in Lagos.
The ambassador said plan was underway to further strengthen economic cooperation with Lagos, noting that the European Chamber of Commerce had been rejigged to be more flexible and strategic in its broad economic partnerships in Nigeria.
He also expressed the interest of EU to commit more investment to technology sector, noting that German-owned GIZ had been taking the lead in the area.
