The Lagos State Government has secured a €170 million financing agreement with European Investment Bank (EIB) Global to accelerate the development of a sustainable and efficient waterways transport system across the state. The partnership represents a major step forward for Lagos’ Blue Economy agenda and is expected to provide substantial support for the Omi Eko Project, the state’s flagship inland waterways transportation initiative.
Announced through a joint statement the agreement is part of the wider Abidjan-Lagos Corridor programme, which receives support from the European Union through its Global Gateway Initiative. The signing ceremony was held at the headquarters of the Lagos State Waterways Authority (LASWA), where officials later conducted a site inspection. Those attending the event included EIB Vice-President Ambroise Fayolle, European Union Ambassador to Nigeria Gautier Mignot, and the Consul General of France in Lagos, Laurent Favier.
Speaking during the ceremony, the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the backing for the Omi Eko Project as an important achievement and reiterated the state government’s determination to ensure the initiative succeeds. He stated that the administration would continue to provide the required enabling environment through political commitment, policy consistency, transparency, accountability and effective collaboration.
Fayolle said the European Investment Bank was proud to support what he described as a flagship green project that would provide safer, more efficient and affordable public transport for millions of Lagos residents.
He added that the initiative would enhance daily living conditions, encourage sustainable economic growth and generate employment opportunities.
Also speaking, the Special Adviser to Governor Babajide Sanwo-Olu on Blue Economy, Oluwadamilola Emmanuel, described the agreement as a significant milestone in Lagos State’s quest to unlock the vast potential of its blue economy, particularly through the Omi Eko Project.
European Partners Commit €410 Million to Modern Transport Network
According to Gautier Mignot, the project demonstrates the commitment of the European Union, the EIB and the French Development Agency (AFD) to supporting Lagos State and Nigeria. The collaboration is the first between LASWA and the European Investment Bank, which has become the largest financier of the Omi Eko Project. The long-term EIB loan is supported by an EU guarantee provided under the Global Gateway Initiative.
The project is also being co-financed by AFD and the European Commission. AFD is providing €130 million through a sovereign loan, while the European Commission is contributing a €60 million investment grant. Combined with the EIB financing, total support from European partners amounts to €410 million.
Under the programme, the EU Bank will finance the expansion of an urban waterways transport system throughout Lagos. Planned developments include new ferry piers, passenger stations and jetties, maintenance facilities and the introduction of fully electric vessels. A fleet of 75 state-of-the-art electric ferries, each capable of carrying up to 440 passengers, will be deployed to support the waterways transport system, helping to reduce greenhouse gas emissions and limit water pollution.
Infrastructure Expansion Targets Higher Water Transport Usage
The project will also create 15 structured ferry routes spanning approximately 140 kilometres while linking 25 upgraded and expanded ferry terminals across Lagos State. Once fully operational, the waterways transport system is expected to increase the share of water-based transportation in Lagos from less than one per cent currently to as much as eight per cent by 2032, aligning with the Lagos State Transport Master Plan.
Governor Babajide Sanwo-Olu officially launched the Omi Eko Project in 2025 at the Five Cowries Terminal in Falomo, Ikoyi. With a total value of €410 million, the initiative is intended to transform mobility across the Lagos Lagoon through modern infrastructure and sustainable inland waterways operations. The project is expected to play a central role in strengthening the state’s waterways transport system while advancing broader transport and blue economy objectives.
Since beginning operations in Nigeria in 1978, the European Investment Bank has invested €2.3 billion across sectors including sustainable transport, energy, agriculture, innovation and financing for small and medium-sized enterprises.
