Lagos Secures €170m EIB Funding to Expand Water Transport Network Under Omi Eko Project
The Lagos State Government has secured a €170 million financing package from the European Investment Bank (EIB) Global to accelerate the development of modern and environmentally friendly waterways transportation infrastructure across the state.
The funding agreement, announced in a joint statement released on Friday, forms part of the wider Abidjan-Lagos Corridor initiative supported by the European Union through its Global Gateway Initiative and represents a major boost for the state’s flagship Omi Eko Project.
The agreement was formalised during a ceremony held at the headquarters of the Lagos State Waterways Authority (LASWA), with top European and Nigerian officials in attendance.
Among those present were the Vice-President of the European Investment Bank, Ambroise Fayolle; the European Union Ambassador to Nigeria, Gautier Mignot; and the Consul General of France in Lagos, Laurent Favier.
The latest collaboration marks the first partnership between LASWA and the EIB, with the European lender emerging as the largest single financier of the Omi Eko Project.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, welcomed the investment and described the bank’s commitment to the project as highly commendable.
He assured the European partners that the Lagos State Government would provide the necessary support to ensure the success of the initiative.
According to him, the administration remains committed to creating an enabling environment through strong political support, policy consistency, transparency, accountability and effective collaboration among stakeholders.
“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,” Osiyemi said.
For the European Investment Bank, the project represents an important contribution towards sustainable urban mobility and climate-friendly transportation.
Speaking at the signing ceremony, EIB Vice-President Ambroise Fayolle said the project would deliver safer, more efficient and affordable public transportation to millions of residents while also stimulating economic development and employment opportunities.
“We strongly support this flagship green project, which will develop a safer, more efficient and affordable public transport system in Lagos. It will improve the daily lives of Lagos’ large population while boosting sustainable growth and job opportunities,” he said.
Also commenting on the significance of the agreement, the Special Adviser to Governor Babajide Sanwo-Olu on Blue Economy, Oluwadamilola Emmanuel, described the partnership as a landmark achievement in Lagos State’s efforts to harness the economic potential of its waterways.
He noted that the agreement represented another important milestone in unlocking the opportunities within the state’s Blue Economy and advancing the Omi Eko Project.
The European Union Ambassador to Nigeria, Gautier Mignot, said the project underscored the strong commitment of the EU, EIB and the French Development Agency (AFD) to supporting Lagos State and Nigeria’s development aspirations.
Beyond the €170 million EIB facility, the Omi Eko Project is also being supported by the Agence Française de Développement (AFD), which is providing a sovereign loan worth €130 million, while the European Commission is contributing a €60 million investment grant.
Together, European partners are committing a total of €410 million to the project.
Under the arrangement, the EIB will finance the establishment of a modern urban water transport network, including the construction of ferry terminals, jetties and passenger stations, as well as maintenance facilities for the fleet.
The project will also see the deployment of 75 fully electric ferries, each with a carrying capacity of up to 440 passengers, aimed at reducing greenhouse gas emissions and minimising water pollution.
In addition, the initiative will create 15 organised ferry routes spanning about 140 kilometres and connect 25 upgraded and expanded terminals across Lagos.
Officials estimate that the project will significantly increase the use of waterways as a means of transportation.
Currently accounting for less than one per cent of mobility in the state, water transport is expected to contribute up to eight per cent of all passenger movement in Lagos by 2032, in line with the Lagos State Transport Master Plan.
Governor Babajide Sanwo-Olu had officially launched the €410 million Omi Eko Project last year at the Five Cowries Terminal in Falomo, Ikoyi, with the initiative structured around two key components: the development of inland waterways infrastructure and the establishment of sustainable transport operations.
Since commencing operations in Nigeria in 1978, the European Investment Bank has invested approximately €2.3 billion in the country, financing projects in sectors including transportation, agriculture, energy, innovation, technology and support for small and medium-sized enterprises.
The latest funding agreement is expected to further strengthen Lagos State’s ambition to establish a cleaner, safer and more efficient public transportation system while positioning the commercial hub as a leading centre for water-based mobility in Africa.
