The Lagos State Government and EIB Global, the development arm of the European Investment Bank (EIB), have signed a €170 million financing partnership aimed at developing a sustainable, efficient and affordable waterways transport system across Lagos.
The agreement, announced on Friday will support the implementation of the Omi Eko Project, a flagship urban mobility initiative designed to improve transportation on Lagos waterways while delivering socio-economic and environmental benefits to millions of residents.
The signing ceremony and site visit took place at the Lagos State Waterways Authority (LASWA) headquarters and was attended by EIB Vice-President Ambroise Fayolle, European Union Ambassador to Nigeria Gautier Mignot, and French Consul General in Lagos Laurent Favier, among other dignitaries.
The project marks the first collaboration between LASWA and EIB, which is the largest financier of the Omi Eko Project. The bank’s long-term loan is backed by an EU guarantee under the Global Gateway Initiative, a strategic investment programme through which the European Union supports infrastructure development in partner countries.
The Omi Eko Project is also being co-financed by the French Development Agency (AFD) and the European Commission, bringing the total European financing package to €410 million, comprising €300 million in concessional loans and €60 million in grants.
Under the project, EIB will finance the development of a modern waterborne public transport network through the construction of ferry terminals and piers, procurement of electric ferries, and establishment of maintenance facilities. The initiative also includes the supply of fully electric vessels and the construction of passenger stations and jetties across the state.
According to the project details, the scheme will establish 15 structured ferry routes covering 140 kilometres of waterways and connect 25 upgraded ferry terminals. It will also deploy 75 electric ferries, each capable of carrying up to 440 passengers, significantly reducing greenhouse gas emissions and water pollution.
Once completed, the project is expected to increase the share of waterborne transport in Lagos from less than one per cent currently to as much as eight per cent by 2032, in line with the Lagos State Transport Master Plan. It is also expected to improve connectivity for underserved waterfront communities while reducing travel time and commuting costs.
Speaking at the event, the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described EIB’s support for the project as a major boost to the state’s transportation agenda.
“The EIB’s commitment to the Omi Eko Project is highly commendable. The Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership through policy consistency, transparency, accountability and effective collaboration,” he said.
Also speaking, the Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the partnership would help unlock the economic potential of Lagos waterways and strengthen the state’s blue economy ambitions.
“The partnership with the EIB marks a significant milestone in our journey to unlock the full potential of our Blue Economy. We are confident that the Omi Eko Project will become a landmark achievement through this strategic collaboration,” he said.
EIB Vice-President Ambroise Fayolle said the project would enhance safe, efficient and affordable transportation in Lagos while supporting sustainable economic growth and job creation.
“We strongly support this flagship green project, which will improve the daily lives of Lagos residents while boosting sustainable growth and employment opportunities,” Fayolle stated.
Similarly, EU Ambassador to Nigeria, Gautier Mignot, described the project as a demonstration of the strong partnership between the European Union, Nigeria and Lagos State.
He noted that the scale of European support reflected Team Europe’s commitment to advancing the Global Gateway strategy in West Africa and improving transport connectivity across the region.
The Omi Eko Project forms part of the broader Abidjan-Lagos strategic corridor supported under the EU’s Global Gateway Initiative and aligns with Nigeria’s National Development Plan 2021-2025, which prioritises investment in critical infrastructure. It is also expected to contribute to the achievement of several Sustainable Development Goals (SDGs), particularly those related to sustainable cities, climate action and economic development.
Since its first operation in Nigeria in 1978, the European Investment Bank has invested more than €2.3 billion in projects spanning transportation, energy, agriculture, innovation and support for small and medium-sized enterprises.
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