• Project to inject 70 hybrid electric ferries, develop 140km ferry routes, 25 modern terminals.
• ‘Lagos ready to explore water-based economy’ — LASWA boss

OMI EKO — Lagos State’s long-anticipated inland waterways transportation project being developed in partnership with the European Union has transited from the blueprint to a reality.

Governor Babajide Sanwo-Olu, on Friday, formally launched the EUR 410 million waterways infrastructure project aimed at developing rapid transportation options that will address Lagosians’ mobility needs.

The project, divided into two components, will be implemented by the Lagos State Waterways Authority (LASWA), with the second component expected to be completed by 2030.

Lagos secured the funding for the project via the Global Gateway Initiative, the French Development Agency (AFD), the European Union (EU) and the European Investment Bank (EIB), which earmarked a subsidised loan of EUR 360 million for the project.

The first component of the project covers channelisation, marking and dredging of 140km of ferry routes from which Lagos will be developing 15 priority ferry routes, including constructing high-quality infrastructure and facilities.

The entire Inland Waterways Transport infrastructure comprises 25 ferry terminals and jetties with electric charging facilities to power e-vessels. There will be onshore depots for routine vessel maintenance, while land connections, including road surfacing, will be developed for other transport services connecting to ferry terminals.

Sanwo-Olu described the Omi-Eko launch as “historic”, noting that the event was not just an unveiling ceremony but a “bold statement” reaffirming Lagos’ frontline leadership in delivering a sustainable integrated water transportation ecosystem.

The Governor said exploring the full range of waterways transportation was a critical priority in his administration’s THEMES+ Agenda to transform mobility in the metropolis.

He said: “Every Lagosian knows the frustration of traffic. But a few will remember that Lagos began as a network of islands, knitted together by water. Long before bridges connected city, boats carried dreams, goods, and people across the lagoons. This water body nourishes us, shapes the State’s identity and now, it will carry us into the future.

“The OMI-EKO project is a comprehensive, future-oriented blueprint for sustainable mobility in Lagos. It merges technology, environmental stewardship and smart design to create waterways that are not just navigated, but optimised. This is the kind of innovative projects cities around the world are building to confront the twin challenges of urban population growth and climate change. Lagos is not waiting to catch up, we are setting the pace.”

The project, it was said, would reduce the negative impact of transport on health, while also reinforcing the State’s ability to fight climate change. It would promote inclusive, more resilient means of mobility.

The investment would bring decarbonised transportation in Lagos, reducing CO2 emissions by 41,000 tonnes yearly. It is expected to take 25,000 passengers yearly, saving travel time by 3hrs on each trip.

Sanwo-Olu said the investment’s objective was to make transportation through water seamless, reduce carbon footprint, the air cleaner and transform waterways from barriers of separation into corridors of opportunity.

The Governor said: “The launch of this project is more than a ceremonial curtain pull. It is a covenant with our people, our planet, and with future generations. With OMI-EKO, we are lifting not only boats but lives, businesses, and communities. We are signaling that Lagos is ready to lead Africa’s urban transition by this bold, sustainable, and inclusive investment.”

Former Governor Babatunde Raji Fashola, who created LASWA in 2008, graced the ceremony to witness the historic project.

The former Works and Housing Minister hailed the Sanwo-Olu administration for nurturing the agency to a viable global entity.

Fashola said the OMI-EKO project would further expand the scope of the State’s integrated transportation network, expressing optimism that the project would not stall, given the commitment of the European partners.

Commissioner for Transportation, Mr. Seun Osiyemi, said the project would unlock the full potential of Lagos inland waterways, bringing the final piece of the State’s Integrated Multimodal Transportation System to life.

“OMI-EKO aligns with broader Lagos Transport Policy, which promotes sustainability, inclusivity, and innovation, while ensuring that transport solutions serve the people while protecting the environment. The project is not just about ferry operations; it is about empowering communities, creating jobs, easing congestion, and reducing our carbon footprint.”

Special Adviser to the Governor on Blue Economy, Mr. Damilola Emmanuel, who doubles as LASWA’s head, noted that the OMI-EKO project was no longer a dream, but a reality that would be changing the course of transportation in Lagos.

He said the 70 hybrid electric ferries that would be deployed after the completion of the project would reduce pollutants’ emissions and boost clean mobility

The LASWA boss said 20 existing jetties would be upgraded with modern terminals across 15 major water routes.

Emmanuel said: “In the first phase, there will be dredging and channelisation of 15 ferry routes for safer and faster transport. Part of the benefits include technology transfer and capacity development for key agencies in the waterways, especially LASWA.

“There will be funding for the informal boat sector under our Vessel Industry. This is how we build a water-based economy that works for all — from operators to passengers, from private investors to our citizens.“

French Minister for Europe and Foreign Affairs, Mr. Jean-Noel Barrot, said the project received complete support from EU partners, given the untapped opportunities in Lagos waterways.

The envoy said the OMI-EKO project represented the “best possible” example of what partnership could achieve for the benefit of the people, pointing out that the development was part of the success of the bilateral cooperation reached during President Bola Ahmed Tinubu’s recent visit to the French President Emmanuel Macron.

The EU Ambassador in Nigeria, Mr. Gautier Mignot, noted the partnership was an historical milestone for Lagos and EU member states, stressing that the investment would enhance life quality.

“This investment supports development of 12 strategic waterways corridors to enhance secure and efficient sustainable transport networks. Four of these corridors are located in West Africa. We are proud to be part of this project which showcases all the aspects of global gateway development,” Mignot said.

The Osun State Government has filed a notice to withdraw the suit it instituted against the Central Bank of Nigeria (CBN) and the Accountant-General of the Federation (AGF) at the Federal High Court in Abuja.

Counsel to the state government, Musibau Adetumbi (SAN), told Justice Emeka Nwite that the case had been overtaken by events. He explained that the suit, which was aimed at safeguarding withheld local government funds, had become redundant since the money in question had already been moved out of the CBN by the defendants.

The News Agency of Nigeria (NAN) reports that the Osun Attorney-General had filed the case on behalf of the state government, listing the CBN, the Accountant-General of the Federation, and the Attorney-General of the Federation as defendants.

Justice Nwite had earlier removed the name of the Attorney-General of the Federation from the case on September 22, after the plaintiff discontinued the suit against him, noting that a similar case was already before the Supreme Court.

The suit sought to restrain the Federal Government from releasing withheld local government allocations to sacked chairmen and councillors elected during the administration of former Governor Adegboyega Oyetola.

Adetumbi, while addressing the court, said, “On September 29, 2025, when the matter was heard, I told the court that our primary aim was to safeguard the money. Between then and now, we are sure that, notwithstanding the pendency of the case and order of status quo, the money was moved out of the CBN.”

He added that the notice of discontinuance was filed pursuant to Order 51 Rule 2 of the Federal High Court Rules and argued that continuing the matter would amount to an academic exercise.

Counsel to the CBN, Muritala Abdulrasheed (SAN), and that of the AGF, Tajudeen Oladoja (SAN), did not oppose the state government’s application to withdraw the suit but disagreed with the contents of an affidavit of facts attached to the application.

Abdulrasheed contended that the plaintiff made “damaging depositions” in the affidavit and should therefore withdraw it along with the notice of discontinuance. He warned that “somebody can approach the court any day with a request for a Certified True Copy (CTC) of the process and may decide to use it against the persons mentioned in the plaintiff’s affidavit of facts.”

He also argued that the reasons cited for the discontinuance were in bad faith, saying the plaintiff’s claim that the CBN had no competent response to the originating summons was incorrect, as a 12-paragraph counter-affidavit had already been filed in May.

Oladoja, counsel to the AGF, did not oppose the withdrawal but faulted parts of the application. “The plaintiff is not under any obligation to predicate his application on any ground,” he said, while urging the court to strike out certain grounds in the discontinuance notice. He also requested a cost of N10 million against the plaintiff for bringing the 2nd defendant to court and for wasting judicial time.

Responding, Adetumbi maintained that a notice of discontinuance under Order 50 Rule 2 of the Federal High Court Rules does not attract costs and insisted that the defendants were not entitled to any compensation, as they had failed to file their processes within time.

Justice Nwite adjourned the matter until October 29 for ruling on the plaintiff’s application for discontinuance and other related applications.

NAN earlier reported that the judge had dismissed objections raised by the CBN and AGF, ruling that the Osun Attorney-General had the legal right to file the suit on behalf of the local government authorities.

The International Monetary Fund (IMF) has omitted Nigeria from the list of sub-Saharan Africa’s fastest-growing economies in its latest Regional Economic Outlook, released on Thursday in Washington DC.

According to the report, Benin, Côte d’Ivoire, Ethiopia, Rwanda, and Uganda are projected to lead economic growth on the continent, driven by reforms and recovery resilience.

“The region has demonstrated remarkable resilience to a series of major shocks over the past several years and features several of the world’s fastest-growing economies,” the IMF stated.

However, the Fund noted that resource-dependent and conflict-affected countries — which include Nigeria — continue to experience slower growth and modest gains in income per capita, averaging just 1 percent annually.

Growth Outlook

The IMF projects sub-Saharan Africa’s economy to expand by 4.1% in 2025, the same rate as in 2024, with only a modest increase expected in 2026.

Although Nigeria was not listed among the fastest-growing economies, the IMF acknowledged recent reform efforts in both Nigeria and Ethiopia, noting that these have contributed to marginal upward revisions in their growth forecasts.

Fiscal Fragility And Debt Concerns

The Fund warned that fiscal fragility remains a major vulnerability across much of the region, particularly among low-income countries.

“While average public debt ratios have stabilised, they remain high. Debt-service burdens — interest payments relative to fiscal revenues — have risen sharply, crowding out key development spending, especially in Kenya and Nigeria,” the IMF said.

Inflation And External Pressures

The IMF noted that although median inflation in sub-Saharan Africa declined from over 6% at the end of 2023 to around 4%, inflation remains in double digits in countries such as Nigeria, Angola, Ethiopia, and Ghana.

It attributed the easing inflation to lower global food and energy prices and tighter monetary policies, while cautioning that inflationary pressures are still significant in large economies.

The Fund also highlighted weak external buffers, revealing that international reserves in roughly one-third of the region fall below the recommended three months of import cover.

In low-income economies, the median level of reserves has dropped to 2.5 months of imports, largely due to foreign exchange interventions aimed at stabilising domestic currencies.

IMF Acknowledges Nigeria’s Policy Shifts

The IMF commended Nigeria’s recent tax and foreign exchange reforms, noting that tighter fiscal and monetary measures have contributed to the decline in inflation.

Nevertheless, it warned that sustained discipline and structural reforms are needed to strengthen growth, rebuild reserves, and ensure fiscal sustainability.

Background:

The report was presented at the 2025 IMF/World Bank Annual Meetings, which brought together policymakers from across the continent to discuss regional stability, debt management, and economic diversification.