The Lagos State Government has secured a €170 million financing partnership with European Investment Bank (EIB) to transform the state’s waterways into a modern, sustainable mass transit system.
The agreement, signed with EIB Global, the development arm of the EU bank marks a major milestone in the implementation of the Omi Eko Project, a flagship initiative aimed at improving urban mobility while delivering environmental and socio-economic benefits.
The signing ceremony, held at the headquarters of the Lagos State Waterways Authority (LASWA), was attended by top dignitaries including EIB Vice-President Ambroise Fayolle and the European Union Ambassador to Nigeria, Gautier Mignot.
Under the project, Lagos will develop an integrated water transport network featuring 15 ferry routes spanning 140 kilometres and connecting 25 upgraded terminals across the state.
The initiative will also deploy 75 state-of-the-art electric ferries, each with a capacity of up to 440 passengers, alongside the construction of modern jetties, passenger stations and maintenance facilities.
Officials said the project is expected to significantly increase the share of water transport in Lagos from less than one per cent to about eight per cent by 2032, in line with the state’s transport master plan.
Speaking at the event, Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, described the partnership as a critical step towards delivering a resilient and efficient transport system.
“The EIB’s commitment to the Omi Eko Project is highly commendable. Lagos State Government remains fully committed to providing the enabling environment required for the success of this partnership”, he said.
Also speaking, the Special Adviser to the Governor on Blue Economy, Mr. Oluwadamilola Emmanuel, said the agreement represents a turning point in efforts to unlock the state’s blue economy potential.
“We are confident that with the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement”, he noted.
EIB Vice-President Ambroise Fayolle said the bank’s support reflects its commitment to sustainable infrastructure and improved quality of life.
“This flagship green project will deliver safe, efficient and affordable public transport while boosting sustainable growth and job creation in Lagos”, he said.
Similarly, EU Ambassador Gautier Mignot highlighted the broader significance of the initiative, noting that the combined €410 million financing package comprising loans and grants from European partners demonstrates strong international support for Nigeria’s infrastructure development.
The Omi Eko Project forms part of the Abidjan-Lagos corridor under the EU’s Global Gateway Initiative and aligns with Nigeria’s National Development Plan (2021–2025) and the Sustainable Development Goals (SDGs).
Beyond easing traffic congestion, the project is expected to cut greenhouse gas emissions, reduce water pollution and improve access to transport for underserved waterfront communities.
With implementation set to begin in phases, stakeholders say the initiative could redefine urban mobility in Lagos and position the city as a model for sustainable water transport in Africa.