*EIB’s support will transform Lagos mobility – Sanwo-Olu
WorldStage– The Lagos State Government and EIB Global, the development arm of the European Investment Bank (EIB), have sealed a €170 million partnership to develop sustainable water transport infrastructure in the state.
The agreement was signed on Friday at the headquarters of the Lagos State Waterways Authority (LASWA) in Ikoyi, Lagos.
The ceremony was attended by EIB Vice-President, Mr Ambroise Fayolle; the European Union (EU) Ambassador to Nigeria, Mr Gautier Mignot; and the Consul General of France in Lagos, Mr Laurent Favier.
The partnership marks the first collaboration between LASWA and EIB, the largest financier of the Omi Eko Project.
The EIB loan is backed by an EU guarantee under the Global Gateway Initiative.
The project is also co-financed by the French Development Agency (AFD) and the European Commission through a €130 million sovereign loan and a €60 million investment grant, respectively.
Speaking at the event, the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, described EIB’s commitment to the project as commendable.
“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 will work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability,” he said.
Osiyemi said the project would support the development of a waterborne public transport network through the construction of ferry terminals, passenger stations and jetties, as well as the acquisition of electric ferries and maintenance facilities.
According to him, the project will establish 15 ferry routes spanning 140 kilometres and connect 25 upgraded terminals across Lagos.
He said 75 electric ferries, each with a capacity of up to 440 passengers, would be deployed under the initiative.
“The vessels will significantly reduce greenhouse gas emissions and water pollution.
“Once completed, the project is expected to 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 Lagos State Transport Master Plan,” he said.
Also speaking, the Special Adviser to the Governor on Blue Economy, Mr Oluwadamilola Emmanuel, said the partnership represented a major milestone in efforts to unlock the state’s blue economy potential.
“With the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement and demonstrate the value of strategic international partnerships,” he said.
Fayolle said EIB was proud to support a flagship green transport project that would provide safer, more efficient and affordable mobility for Lagos residents.
“It will improve daily life for millions of people while supporting sustainable growth and job creation.
“It also demonstrates EIB’s commitment to the EU Global Gateway strategy in West Africa,” he said.
Similarly, Mignot said the project reflected the EU’s commitment to sustainable transport development in Lagos through substantial financial and institutional support.
He said the financing package, comprising loans and grants from the EU, EIB and AFD, would deliver tangible benefits to millions of residents.
“It also demonstrates Team Europe’s commitment to advancing the EU Global Gateway strategy in West Africa and strengthening connectivity.
“I look forward to travelling on electric ferries across the Lagos Lagoon in the near future and to seeing improved transport links within Lagos, Nigeria and the wider ECOWAS region,” he said.
The project is being financed through a Team Europe package involving the EIB, AFD and the European Union, with total funding valued at €410 million.
The project aligns with Nigeria’s National Development Plan and supports broader regional priorities on infrastructure development and the Sustainable Development Goals.
TO TRANSFORM LAGOS MOBILITY
Gov. Babajide Sanwo-Olu of Lagos State has commended the European Investment Bank (EIB) for supporting the Omi Eko Project, describing it as a transformative investment that will enhance urban mobility, boost economic productivity, and improve residents’ quality of life.
Sanwo-Olu gave the commendation on Friday while receiving a delegation from the EIB led by its Vice President, Mr Ambroise Fayolle, during a courtesy visit at Lagos House, Marina.
The governor said the Omi Eko Project aligned with his administration’s THEMES+ development agenda, particularly the Transportation and Traffic Management pillar.
He noted that Lagos, as Nigeria’s commercial and economic hub, continued to attract investments in technology, financial services, innovation and entrepreneurship.
According to him, the Omi Eko Project is a critical component of the state’s plan to develop an integrated transportation network that combines road, rail and water transport systems.
“With about one-third of Lagos covered by water, we are determined to maximise our waterways as a viable transportation alternative for residents.
“The Omi Eko Project will provide modern and climate-resilient water transport infrastructure, including improved terminals, safer navigation channels and enhanced commuter services.
“This is a strategic investment that will unlock the economic potential of our waterways while significantly reducing travel time for commuters across the state,” he said.
According to Sanwo-Olu, journeys that currently take up to two hours could be reduced to between 40 and 45 minutes upon completion of the project.
He expressed appreciation to the EIB, the African Development Bank and other development partners for supporting Lagos in its quest to build a sustainable and efficient transportation system.
“We believe residents should have multiple transportation options.
“Strengthening water transport will ease pressure on our roads and rail infrastructure while improving connectivity across the state,” he said.
The governor also welcomed EIB’s increasing investments in Nigeria’s small and medium-scale enterprises (SMEs), describing the sector as the backbone of economic growth.
He referenced the recently concluded Lagos Investment Summit and reiterated the state’s commitment to translating investment commitments into tangible economic benefits.
Earlier, Fayolle said Nigeria emerged as the EIB’s largest country of operations in Africa in 2025, with total lending amounting to €550 million.
According to him, the development underscores the growing partnership between Nigeria, the European Union and the European Investment Bank.
“Nigeria is a key partner for the EIB in Africa and we are pleased to deepen our engagement through investments that support economic growth, sustainability and job creation.
“We recently signed a 200 million euros facility with the Development Bank of Nigeria to support digital and green investments by micro, small and medium-sized enterprises,” he said.
Fayolle also disclosed that the bank had signed a financing agreement with Wema Bank to improve access to finance for underserved businesses while promoting environmentally sustainable practices.
Speaking on the Omi Eko Project, the EIB vice president described it as one of the European Union’s flagship initiatives in Lagos.
“The Omi Eko Project is designed to transform water transportation in Lagos through the construction of modern ferry terminals and deployment of electric boats.
“It will help reduce congestion, improve environmental sustainability and provide residents with a faster and more efficient means of commuting.
“We remain committed to supporting projects that enhance living standards, strengthen resilience and drive sustainable development across Nigeria,” he said.Fayolle added that the EIB delegation would visit several projects in Lagos, including investments supported through partnerships with the Bank of Industry, to explore additional opportunities for collaboration and sustainable development.
