Lagos water transportation revenue jumped from 0.8% to 11% in three years- LAGFERRY

The Lagos State Ferry Services (LAGFERRY) says the water transportation contribution revenue to the state’s entire transportation revenue matrix increased from 0.8 per cent to 11 per cent.

Abdoulbaq Balogun, the managing director and chief executive officer of LAGFERRY, said this at the agency’s three-day management retreat on Saturday in Lagos.

Speaking on the retreat’s theme, “Leveraging Waterways Assets for Improved Revenue Performance,” Mr Balogun said the revenue contribution, which stood at 0.8 per cent in 2021, rose to 11 per cent in August 2024.

He attributed the growth to increased routes and logistics solutions provided to organisations such as Dangote, Honeywell and others across the waterways.

Mr Balogun noted that since February 6, 2020, when the ferry service started its operations after the launch of the first boat, eight had been given by the state’s governor, Babajide Sanwo-Olu, at Badore Terminal.

He said the agency had moved two million people with 20 boats.

“Initially, when Mr Governor came on board, we had four boats, and he gave us an additional eight and an additional seven in 2021 because he was impressed with what we were doing.

“The mandate given to us by Mr Governor was to move 480,000 ridership, and we are looking at it to decongest the road and move people on the waterways, so we need to do more.

“From 0.8 per cent, which was what water transportation contributed to the entire transportation matrix of Lagos State, we have been able to move to 11 per cent today,” he said.

He added that all these values would be taken to the grassroots through advocacy and sensitisation to achieve the 480,000 passengers daily target using the waterways.

Mr Balogun pointed out that with 25 million residents, the state would not rely on a single mode of transportation unless it was to bring chaos.

He said that the Lagos State government could not do it alone, which is why Mr Governor encouraged private participation in the waterways business to enhance the potential of the blue economy in the state.