The Lagos State Government has secured a €170 million financing partnership with the European Investment Bank, EIB Global to develop a sustainable and efficient waterways transportation system under the Omi Eko Project.
The agreement, signed at the Lagos State Waterways Authority (LASWA) headquarters, marks the first collaboration between Lagos State and the EIB, which has emerged as the largest financier of the project. The funding is backed by an European Union guarantee under the Global Gateway Initiative and forms part of a wider €410 million financing package involving the French Development Agency (AFD) and the European Commission.
The project aims to transform water transportation across Lagos through the construction of new ferry terminals and jetties, acquisition of electric ferries, and development of maintenance facilities to support operations.
Under the initiative, 15 ferry routes spanning 140 kilometres will connect 25 upgraded terminals across the state, while 75 modern electric ferries, each with a capacity of up to 440 passengers, will be deployed to improve mobility and reduce environmental pollution.
Speaking at the signing ceremony, Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the partnership as a major boost to the state’s efforts to modernise its transport infrastructure.
“The EIB’s commitment to the Omi Eko Project is highly commendable. The Lagos State Government remains committed to providing the enabling environment necessary for the successful implementation of this project,” he said.
Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, described the agreement as a significant milestone in unlocking the state’s blue economy potential.
“The partnership with the EIB marks a major step forward in our journey to maximise the opportunities within Lagos’ waterways and deliver the Omi Eko Project successfully,” he said.
EIB Vice-President Ambroise Fayolle said the project would provide safer, more affordable and environmentally sustainable transport for millions of Lagos residents.
“We strongly support this flagship green project, which will improve daily life, create jobs and contribute to sustainable economic growth,” Fayolle stated.
European Union Ambassador to Nigeria, Gautier Mignot, said the project demonstrates the strength of the partnership between the EU, Nigeria and Lagos State.
According to him, the initiative will improve connectivity, reduce transport challenges and positively impact millions of residents while advancing the EU’s Global Gateway strategy in West Africa.
When completed, the Omi Eko Project is expected to increase the share of water transportation in Lagos from less than one per cent currently to about eight per cent by 2032, in line with the Lagos State Transport Master Plan.
The project is also expected to improve access to underserved waterfront communities, reduce commuting time and costs, cut greenhouse gas emissions and support economic development across the state.
