Joyce Mmereole Okoli
Lagos State has secured a major boost in its quest to develop a modern, sustainable and efficient water transportation network, following the signing of a €170 million financing agreement with EIB Global, the development arm of the European Investment Bank (EIB).
The investment, which represents the largest single funding contribution to the Lagos Omi Eko Project, is expected to revolutionize urban mobility across Africa’s largest city by expanding ferry services, introducing electric-powered vessels and upgrading critical waterways infrastructure.
The agreement was formalized at the headquarters of the Lagos State Waterways Authority (LASWA) during a ceremony attended by EIB Vice-President Ambroise Fayolle, European Union Ambassador to Nigeria Gautier Mignot, French Consul General Laurent Favier, and senior Lagos State government officials.
The project forms part of the broader European Union Global Gateway Initiative and is being co-financed by the French Development Agency (AFD) and the European Commission, bringing total European support for the initiative to €410 million.
Under the project, Lagos will develop a modern waterborne public transportation network featuring new ferry terminals, passenger stations, maintenance facilities and a fleet of environmentally friendly electric ferries.
The ambitious initiative will establish 15 structured ferry routes spanning approximately 140 kilometres, connecting 25 upgraded ferry terminals and deploying 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers.
Officials said the project is designed to significantly increase the use of waterways for commuting in Lagos, raising the modal share of water transport from less than one per cent currently to as much as eight per cent by 2032, in line with the Lagos State Transport Master Plan.
Beyond easing road congestion, the project is expected to improve mobility for waterfront communities, reduce travel times and transportation costs, while cutting greenhouse gas emissions and water pollution through the deployment of electric ferries.
Speaking at the signing ceremony, Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the financing agreement as a critical milestone in the state’s efforts to reshape urban transportation.
“The EIB’s commitment to the Omi Eko Project is highly commendable. The Lagos State Government remains fully committed to providing the enabling environment necessary for the success of this partnership. We will continue to ensure policy consistency, transparency, accountability and effective collaboration to deliver a project that meets global standards of excellence and sustainability,” Osiyemi said.
Also speaking, Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the agreement marked a turning point in Lagos State’s efforts to unlock the enormous potential of its blue economy.
“This partnership represents a significant milestone in our journey to harness the opportunities within the blue economy. With the expertise and support of the European Investment Bank, we are confident that the Omi Eko Project will become a landmark achievement and a model for sustainable urban mobility across the region,” he stated.
EIB Vice-President Ambroise Fayolle said the bank was proud to support a project that would improve public transportation while contributing to environmental sustainability and economic development.
“This flagship green transport project will make public transportation safer, more efficient and affordable for millions of Lagos residents. It will also stimulate sustainable growth and create economic opportunities while supporting the European Union’s Global Gateway strategy in West Africa,” Fayolle said.
European Union Ambassador to Nigeria, Gautier Mignot, described the project as a strong demonstration of the growing partnership between Europe and Nigeria.
“The substantial support being provided by the European Union, EIB and AFD reflects our confidence in Lagos and Nigeria’s development potential. This project will have a tangible impact on the daily lives of millions of people while strengthening regional connectivity and advancing the objectives of the EU’s Global Gateway strategy,” Mignot said.
The Omi Eko Project aligns with Nigeria’s National Development Plan (2021–2025), which prioritizes investments in critical infrastructure, and contributes to several Sustainable Development Goals (SDGs), including sustainable cities, climate action and economic growth.
Since commencing operations in Nigeria in 1978, the European Investment Bank has invested more than €2.3 billion in sectors including transport, energy, agriculture, innovation and financing for small and medium-sized enterprises.
With construction and fleet acquisition plans now moving forward, the Omi Eko Project is expected to become one of Africa’s most ambitious urban waterways transportation programmes, positioning Lagos as a model for sustainable mobility and blue economy development on the continent.