Lagos State government and EIB Global, the branch of the European Investment Bank (EIB) dedicated to development and international partnerships, on Friday, announced a EUR 170 million financial partnership to develop a sustainable and efficient waterways transport in Lagos.

EIB Global, the development branch of the European Investment bank (EIB) is the largest funder of the Omi Eko Project with EUR 170m financing.

The project is part of the strategic corridor, Abidjan-Lagos, which is supported by the EU under the European Global Gateway Initiative. It responds to national and regional priorities and Sustainable Development Goals (SDGs).

The signing ceremony followed by a site visit was held at the Lagos State Waterways Authority (LASWA) headquarters, in presence of Ambroise Fayolle, EIB Vice-President, Gautier Mignot, EU Ambassador, Laurent Favier, Consul General of France in LagosEIB.

The partners said this is the first collaboration between LASWA and EIB, the largest funder of the Omi Eko Project.

“The EIB long-term loan is supported by an EU guarantee under the Global Gateway Initiative of which EIB is a key partner in Africa.  The project is co-financed with the AFD and the European Commission with respectively EUR 130m of sovereign loan and EUR 60m of Investment Grant.

“Through this operation the EU Bank will finance the implementation of a waterborne urban public transport network in Lagos through the construction of new ferry piers, the acquisition of electrically operated small-scale ferries for passenger transport and the development of new maintenance facilities for the fleet.

“The operation also includes the supply of fully electric vessels and the construction of passenger stations and jetties.

*In concrete terms, this innovative urban mobility project will implement 15 structured ferry routes along 140 kilometres, linking 25 upgraded and expanded ferry terminals across the city, and 75 state-of-the-art electric vessels—each capable of carrying up to 440 passengers. These vessels will significantly cut greenhouse gas emissions while reducing water pollution.

“Once fully implemented, the project will contribute to increasing significantly the proportion of waterborne transport in Lagos from less than 1% currently to up to 8% by 2032, in line with the Lagos State Transport Master Plan. It will improve accessibility for underserved waterfront communities and will bring time and cost savings for commuters.

The Commissioner for Transportation, Lagos State, Mr. Oluwaseun Osiyemi, said:
“The EIB’s commitment to the Omi Eko Project is highly commendable. Likewise, the Lagos State government is fully committed to providing the enabling environment required for the success of this partnership. This includes strong political will, policy consistency, transparency, accountability, and effective collaboration. We are prepared to work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability.”

Commenting on the significance of the partnership, the Special Adviser to the Lagos State Governor on Blue Economy, Mr. Oluwadamilola Emmanuel, said: “The partnership signing ceremony with the EIB marks a significant milestone in our journey to unlock the full potential of our Blue Economy, and of the Omi Eko Project in particular. We are confident that with the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement, showcasing what is possible when visionary leadership meets strategic international partnership.”

EIB Vice-President, Mr. Ambroise Fayolle, said:  “We strongly support this flagship green project, which will develop a more safe, efficient and affordable public transport in Lagos. It will improve the daily lives of Lagos’ large population while boosting sustainable growth and job opportunities. It is a concrete demonstration of the EIB’s commitment with his partners to the EU’s Global Gateway strategy in West Africa.”

Mr. Gautier Mignot, the Ambassador of the European Union to Nigeria, said:
“The OMI EKO project is a strong demonstration and the sizeable support of the European Union, EIB and AFD are bringing to this project, 300 MEUR in subidized loans and 60 MEUR in grants, shows the strength of our partnership with Nigeria and Lagos State and the positive impact of this collaboration on impact on the daily lives of millions of people. It is also a demonstration of our Team Europe’s commitment to roll out EU’s Global Gateway strategy in West Africa, with the aim of strengthening global connectivity across the world. I look forward to navigate, in a not too distant future, on electric ferries throughout the wonderful Lagos lagoon and to further expand transport connectivity in Lagos, in Nigeria but also in the ECOWAS region and beyond. Let’s shape the future together.”

The project presents a Team Europe approach with a sizeable and impactful financing package provided by a consortium of European partners (the French Development Agency, European Union and European Investment Bank) totalling €410 million.