The Lagos State Government, in partnership with EIB Global, the development arm of the European Investment Bank, has announced a €170 million financing agreement aimed at transforming water transport infrastructure in the state.
The funding forms part of the broader Omi Eko Project, a major urban mobility initiative designed to develop a sustainable and efficient waterways transport system across Lagos. The project also aligns with the Abidjan–Lagos corridor under the European Union’s Global Gateway Initiative, which supports regional integration and sustainable development goals.
The agreement was formalised during a signing ceremony and site visit held at the headquarters of the Lagos State Waterways Authority (LASWA), with key international stakeholders in attendance, including representatives of the European Investment Bank, the European Union, and the French government.
According to the partners, the EIB-backed financing is the largest contribution to the Omi Eko Project and marks the first collaboration between LASWA and the European Investment Bank. The initiative is co-financed alongside other European partners, including the French Development Agency and the European Commission.
The project will support the development of a modern water-based transport network in Lagos through the construction of new ferry terminals, acquisition of electric-powered ferries, and establishment of maintenance facilities to support long-term operations.
It also includes the deployment of fully electric vessels, passenger stations, and jetties designed to improve safety, efficiency, and environmental sustainability.
Once completed, the project is expected to introduce 15 structured ferry routes spanning about 140 kilometres, connect 25 upgraded terminals, and deploy 75 electric ferries capable of carrying up to 440 passengers each. These vessels are expected to significantly reduce greenhouse gas emissions and water pollution.
Officials say the initiative could increase the share of water transport usage in Lagos from less than 1 percent to about 8 percent by 2032, in line with the state’s transport master plan. It is also expected to improve access for waterfront communities while reducing commuting time and transportation costs.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the partnership as a major step toward modernising the state’s transport system, adding that the government is committed to ensuring transparency, policy stability, and effective implementation of the project.
Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the initiative represents a key milestone in unlocking Lagos’s maritime potential and strengthening its blue economy through strategic international collaboration.
European Investment Bank Vice-President Ambroise Fayolle said the project reflects strong support for green and sustainable urban transport, noting that it will improve mobility, create jobs, and enhance quality of life in Lagos.
The European Union Ambassador to Nigeria, Gautier Mignot, also described the project as a significant demonstration of international cooperation, highlighting the combined financial support from European institutions aimed at strengthening infrastructure and connectivity in Nigeria and the wider West African region.
