By Sandra Chukwunyere
Lagos State has secured a €170 million financing partnership with EIB Global, the development arm of the European Investment Bank, to accelerate the development of a modern and sustainable water transportation system across the state.
The funding will support the Omi Eko Project, a major urban mobility initiative aimed at improving transport on Lagos waterways while boosting economic opportunities and environmental sustainability.
The agreement was formalised during a ceremony and project site visit at the Lagos State Waterways Authority (LASWA) headquarters. Present were EIB Vice-President Ambroise Fayolle, EU Ambassador to Nigeria Gautier Mignot, French Consul General Laurent Favier, and senior government officials.
The partnership marks the first collaboration between LASWA and the EIB, which is now the largest financier of the Omi Eko Project. The long-term loan is backed by an EU guarantee under the Global Gateway Initiative, the EU’s flagship infrastructure programme for partner countries.
Beyond the EIB financing, the French Development Agency (AFD) and the European Commission are also supporting the project. Total European funding stands at €410 million, comprising €300 million in concessional loans and €60 million in grants.
Under Omi Eko, Lagos will build and upgrade ferry terminals, piers, passenger stations and jetties. The project will also provide electric ferries and maintenance facilities to support efficient operations.
At completion, Omi Eko will establish 15 organised ferry routes spanning about 140 kilometres of waterways and connect 25 upgraded terminals across the state. A fleet of 75 electric ferries, each capable of carrying up to 440 passengers, will be deployed to improve mobility while reducing carbon emissions and water pollution.
The Lagos State Government expects the share of water transport in daily commuting to rise from less than one per cent currently to about eight per cent by 2032. The project is also expected to improve access for waterfront communities, reduce travel time and lower transportation costs.
Commissioner for Transportation, Oluwaseun Osiyemi, described the investment as a major boost to the state’s transportation agenda, adding that the government remains committed to ensuring the project’s success through policy consistency, transparency and collaboration with development partners.
Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the partnership would unlock the economic potential of Lagos waterways and strengthen the state’s blue economy drive.
“Omi Eko can become a landmark achievement in our quest for a more efficient and sustainable transport system,” he said.
EIB Vice-President Ambroise Fayolle said the project would provide safer, more affordable and environmentally friendly transportation for residents while creating jobs and supporting economic growth.
EU Ambassador to Nigeria, Gautier Mignot, said the initiative reflects the strong partnership between the European Union, Nigeria and Lagos State, as well as Team Europe’s commitment to improving transport infrastructure and connectivity across West Africa.
The Omi Eko Project forms part of the wider Abidjan-Lagos strategic corridor being developed under the EU’s Global Gateway Initiative. It also aligns with Nigeria’s National Development Plan 2021–2025, which prioritises critical infrastructure and sustainable economic development.
Since commencing operations 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.
With the latest investment, Lagos is positioning its waterways as a viable alternative to its heavily congested road network while promoting cleaner transportation and expanding access to underserved waterfront communities.
The project is expected to play a significant role in shaping the future of urban mobility in Africa’s largest city.
