The Lagos State Government has secured a €170 million partnership with EIB Global, the development arm of the European Investment Bank (EIB), to develop sustainable water transport infrastructure across the state.
The agreement, signed on Friday at the headquarters of the Lagos State Waterways Authority (LASWA) in Ikoyi, marks a major step toward transforming Lagos’ transport system through eco-friendly water mobility.
The partnership represents the first collaboration between LASWA and the EIB and forms a key component of the Omi Eko Project, a flagship initiative aimed at modernising water transport in Africa’s most populous city.
The €170 million loan from the EIB is backed by a European Union guarantee under its Global Gateway Initiative. The project is further supported by co-financing from the French Development Agency (AFD) and the European Commission, bringing the total funding package to €410 million.
Speaking at the signing ceremony, the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, described the agreement as a significant milestone in the state’s quest for a sustainable and efficient transport system.
He reaffirmed the government’s commitment to ensuring the success of the project through strong political will, policy consistency, transparency, and collaboration.
According to Osiyemi, the Omi Eko Project will establish a modern waterborne public transport network, including the construction of ferry terminals, passenger stations, and jetties, alongside the deployment of electric ferries and maintenance facilities.
He disclosed that the initiative would introduce 15 ferry routes covering 140 kilometres and connect 25 upgraded terminals across Lagos.
“In addition, 75 electric ferries with a capacity of up to 440 passengers each will be deployed, significantly reducing greenhouse gas emissions and water pollution,” he said.
Osiyemi added that the project is expected to increase the share of water transport in Lagos from less than one per cent to about eight per cent by 2032, aligning with the Lagos State Transport Master Plan.
Also speaking, the Special Adviser to the Governor on Blue Economy, Mr Oluwadamilola Emmanuel, described the partnership as a breakthrough in unlocking Lagos’ blue economy potential.
“With the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement and a model for strategic international collaboration,” he said.
EIB Vice-President, Mr Ambroise Fayolle, said the bank was proud to support a green transport initiative that would provide safer, more efficient, and affordable mobility for millions of residents.
He noted that the project would enhance quality of life while promoting sustainable economic growth and job creation.
Similarly, the European Union Ambassador to Nigeria, Mr Gautier Mignot, said the initiative reflects the EU’s commitment to sustainable infrastructure development and regional connectivity.
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He expressed optimism that the project would deliver tangible benefits to Lagos residents and strengthen transport links within Nigeria and across the ECOWAS region.
The Omi Eko Project aligns with Nigeria’s National Development Plan and contributes to the achievement of the Sustainable Development Goals, particularly in the areas of climate action, sustainable cities, and clean energy.
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