The French Development Agency, the European Investment Bank and the European Union are backing the $545 million Omi Eko Project, a water-transport programme implemented by the Lagos Waterways Authority.
Lagos has more than 22 million residents, and about 22 per cent of its surface is covered by water. The project is designed to increase the share of water-based commuting in the city from 1–5 per cent. It includes dredging and marking 140 km of inland waterways, upgrading 25 ferry terminals with electric charging points, and introducing 78 high-capacity electric ferries. The programme is intended to shift millions of passenger trips off the roads each year and to cut peak travel times across the lagoon by up to three hours.
The financing is presented as one part of a wider Lagos State infrastructure strategy that also covers urban electric rail, port, highway and airport projects, including a joint-venture agreement for the $900 million Lekki-Epe International Airport.