The International Real Estate Federation (FIABCI) has paid a courtesy visit to the Lagos State Waterways Authority (LASWA) to explore areas of collaboration around Lagos State’s expanding water transportation system and the broader opportunities within the Blue Economy.
The delegation was led by Akin Opatola, President of FIABCI Nigeria, alongside Adeniji Adele, President of FIABCI Africa and the Near East, and other senior officials of the global real estate federation.
The visiting team was received by the leadership of LASWA headed by General Manager of the authority and Special Adviser on Blue Economy to the Governor of Lagos State , Mr Emmanuel Oluwadamilola. Discussions during the meeting focused on the state government’s ambitious plan to modernize inland water transportation through the OMI EKO Water Transport Project.
During the engagement, Oluwadamilola delivered a presentation outlining the strategic direction of the project and its role in transforming urban mobility across Lagos. According to him, the initiative is designed to help decongest the city’s road network, improve productivity, reduce transportation costs, and cut carbon emissions while positioning water transportation as a key pillar of the state’s mobility strategy.
He explained that the project will introduce modern ferry operations supported by electrified vessels, upgraded terminals, and integrated transport infrastructure to create a cleaner and more efficient water transport ecosystem across the state.
The OMI EKO project is backed by a strong international financing structure including €130 million from Agence Française de Développement, €170 million from the European Investment Bank, and a €60 million grant from the European Union, alongside €40 million counterpart funding from the Lagos State Government and private sector participation in Intelligent Transport Systems.
Under the project framework, Lagos plans to develop 15 ferry routes across its waterways, dredge and mark about 140 kilometres of navigable channels, construct 25 modern ferry terminals and jetties, deploy electric ferries, and introduce integrated ticketing and improved waterway safety infrastructure.
Following the presentation, members of the FIABCI delegation engaged the LASWA leadership with questions on the implementation framework of the project, particularly around terminal development opportunities, private sector participation, integration with urban planning, and the long-term investment potential of Lagos’ water transport corridors.
Responding, Oluwadamilola reiterated the state government’s strategic vision of positioning water transportation as a critical component of Lagos’ evolving Blue Economy, adding that the OMI EKO initiative is designed to create a sustainable and investment friendly ecosystem for maritime mobility.
Speaking during the meeting, Opatola noted that the modernisation of Lagos waterways presents a unique opportunity to rethink how cities integrate transportation infrastructure with real estate and urban development. He observed that large scale transport projects such as OMI EKO could open new corridors of economic activity around ferry terminals and waterfront locations.
He added that the real estate sector has a significant role to play through transport oriented development, waterfront regeneration, and the creation of mixed use commercial hubs capable of stimulating sustainable urban growth.
Also speaking, Adele said Lagos is well positioned to become a leading African example of how coastal cities can leverage waterways to drive mobility, economic development, and waterfront investment. He noted that cities around the world that successfully integrate waterways into urban life often unlock significant real estate and tourism value.
In his remarks, Ubong Essien, Founder of the Blue Economy Academy, stressed the importance of collaboration among government agencies, industry professionals, and investors in delivering large-scale maritime infrastructure initiatives. He noted that Nigeria’s progress in strengthening maritime security in the Gulf of Guinea demonstrated that major sector transformations often begin with early stakeholder engagement.
Essien added that the 25 ferry terminals planned under the OMI EKO project represent significant opportunities for transport-oriented waterfront development across Lagos, creating new intersections between mobility infrastructure, urban planning, and the Blue Economy.
The visit highlights the growing recognition of Lagos waterways as a strategic mobility and economic asset for Africa’s largest city as the state accelerates efforts to develop a modern, sustainable water transportation system.
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