Lagos State has secured a major €170 million financing partnership from EIB Global, the development arm of the European Investment Bank (EIB), to accelerate the development of a sustainable and efficient water transportation system under the Omi Eko Project.
The landmark agreement, announced in Lagos on Friday, marks the first collaboration between the Lagos State Waterways Authority (LASWA) and the European Investment Bank. The signing ceremony was attended by EIB Vice-President Ambroise Fayolle, European Union Ambassador to Nigeria Gautier Mignot, and the Consul General of France in Lagos, Laurent Favier.
As the largest financier of the Omi Eko Project, EIB Global’s €170 million investment forms part of a broader €410 million Team Europe financing package involving the European Union, the French Development Agency (AFD), and the European Investment Bank.
The Omi Eko Project is designed to revolutionise urban mobility in Lagos by expanding water transportation infrastructure and reducing pressure on the state’s road network. The initiative will establish 15 structured ferry routes covering approximately 140 kilometres, connect 25 upgraded ferry terminals, and deploy 75 modern electric ferries capable of transporting up to 440 passengers each.
Beyond improving transportation efficiency, the project is expected to significantly reduce greenhouse gas emissions and water pollution while enhancing connectivity for underserved waterfront communities.
According to LASWA, the project aligns with the Lagos State Transport Master Plan and is projected to increase the share of water transportation in Lagos from less than one per cent currently to as much as eight per cent by 2032.
The project will also include the construction of new ferry piers, passenger stations, jetties, maintenance facilities, and the acquisition of fully electric vessels, positioning Lagos as a leader in sustainable urban transport across Africa.
Speaking at the event, Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, reaffirmed the state’s commitment to ensuring the successful delivery of the project through strong policy support, transparency, accountability, and effective collaboration with development partners.
Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, described the agreement as a significant milestone in unlocking the vast potential of Lagos’ Blue Economy, expressing confidence that the project would become a model for sustainable infrastructure development.
EIB Vice-President Ambroise Fayolle stated that the initiative would provide safer, more affordable, and environmentally friendly transportation options while creating jobs and supporting sustainable economic growth.
Similarly, EU Ambassador Gautier Mignot highlighted the project as a flagship example of the European Union’s Global Gateway Strategy in action, noting that the broader funding package includes €300 million in concessional loans and €60 million in grants aimed at improving the daily lives of millions of Lagos residents.
The Omi Eko Project aligns with Nigeria’s National Development Plan and the United Nations Sustainable Development Goals, reinforcing Lagos’ ambition to build a modern, integrated, and climate-friendly transportation network.
