EKO NEWS
Lagos Water Transportation Revenue Contribution Increases To 11%
The Lagos State Ferry Services, LAGFERRY, has said that the water transportation contribution revenue to the state’s entire transportation revenue matrix rose from 0.8 percent to 11 percent.
The Managing Director/Chief Executive Officer, LAGFERRY, Mr Abdoulbaq Balogun, made this disclosure at the agency’s three-day management retreat on Saturday in Lagos.
EKO HOT BLOG reports that the theme of the retreat was: “Leveraging Waterways Assets for Improved Revenue Performance.”
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Balogun said the revenue contribution which stood at 0.8 percent in 2021 rose to 0.11 percent in August 2024.
He attributed the growth to increase in routes, logistics solutions provided to organisations such as Dangote, Honeywell and others across the waterways.
Balogun noted that since Feb. 6, 2020 when the ferry service started its operations after the launch of the first boat, eight boats had been given by the state’s governor, Mr Babajide Sanwo-Olu, at Badore Terminal.
He said that 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 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 480,000ridership and we are looking at it to decongest the road and move people on the waterways and so we need to do more.
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“We need more watercrafts to do the business and increase on our advocacy and sensitisation to bring more people on board the waterways.
“We have sustainably and gradually consistently achieved two decades improvement since we started.
“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.
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