Lagos State Governor, Babajide Sanwo-Olu, has said the Omi Eko Project will transform transportation across the state by reducing travel time, improving urban mobility, and enhancing economic productivity.
The governor made the remarks while receiving a delegation from the European Investment Bank (EIB), led by its Vice President, Ambroise Fayolle, during a courtesy visit to Lagos House, Marina.
Sanwo-Olu commended the EIB and other development partners for supporting the Omi Eko Project, describing it as a major investment that will improve the quality of life for residents while strengthening Lagos’ transportation infrastructure.
According to the governor, the initiative aligns with his administration’s THEMES+ agenda, particularly the Transportation and Traffic Management pillar, and forms part of the state’s broader strategy to develop an integrated transport system that combines road, rail, and water transportation.
Unlocking the Potential of Lagos Waterways
Sanwo-Olu noted that Lagos, Nigeria’s commercial hub, continues to attract investments across sectors such as technology, finance, innovation, and entrepreneurship. He added that maximising the use of waterways remains a key priority, given that roughly one-third of the state’s land area is covered by water.
The governor explained that the Omi Eko Project, which translates to “Water of Lagos,” will provide modern and climate-resilient water transport infrastructure, including upgraded ferry terminals, safer navigation channels, and improved commuter services.
He said the project is designed to unlock the economic potential of Lagos waterways while addressing transportation challenges faced by millions of residents.
According to him, journeys that currently take up to two hours could be reduced to between 40 and 45 minutes once the project becomes operational.
“The project will provide Lagosians with a faster, safer and more efficient transportation alternative while reducing pressure on existing road and rail networks,” he said.
Development Partners Back Initiative
Sanwo-Olu thanked the European Investment Bank, the African Development Bank (AfDB), and other development partners for supporting the state’s vision of building a sustainable and efficient transportation system.
He also welcomed the EIB’s growing investments in Nigeria’s small and medium-sized enterprise (SME) sector, describing SMEs as critical drivers of economic growth and job creation.
The governor referenced the recently concluded Lagos Investment Summit, which attracted both local and international investors, and reaffirmed the state government’s commitment to converting investment commitments into tangible economic outcomes.
Nigeria Becomes EIB’s Largest African Market
Speaking during the visit, EIB Vice President Ambroise Fayolle disclosed that Nigeria became the bank’s largest country of operations in Africa in 2025, with total lending reaching €550 million.
According to him, the development reflects the strengthening partnership between Nigeria, the European Union, and the European Investment Bank.
Fayolle revealed that the EIB recently signed a €200 million financing agreement with the Development Bank of Nigeria to support digital and green investments by micro, small, and medium-sized enterprises.
He also announced a separate financing partnership with Wema Bank aimed at expanding access to finance for underserved businesses while promoting environmentally sustainable business practices.
Modern Ferry Terminals, Electric Boats Planned
Commenting on the Omi Eko Project, Fayolle described it as one of the European Union’s flagship infrastructure projects in Lagos.
He explained that the initiative is being jointly financed by the European Investment Bank, the European Union, and the French Development Agency (AFD).
The project will support the construction of modern ferry terminals and the deployment of electric boats to improve water transportation across the state.
According to Fayolle, the initiative is expected to reduce traffic congestion, promote environmental sustainability, and provide residents with a more efficient means of commuting.
He reaffirmed the EIB’s commitment to supporting projects that drive economic growth, strengthen environmental resilience, and improve living standards across Nigeria.
As part of efforts to deepen collaboration and identify new opportunities for sustainable development, the EIB delegation is expected to visit several projects in Lagos, including initiatives supported through its partnership with the Bank of Industry.
