EIB, Lagos sign €170m deal to develop water transport network

The European Investment Bank (EIB) Global and the Lagos State Government have signed a €170 million financing agreement to develop a sustainable waterways transport system aimed at improving urban mobility, reducing environmental impact and expanding transport access across Lagos.

The funding, which positions EIB Global as the largest financier of the Omi Eko Project, will support the development of an efficient waterborne public transport network as part of efforts to address mobility challenges in Nigeria’s commercial capital.

The agreement was announced during a signing ceremony and site visit held at the headquarters of the Lagos State Waterways Authority (LASWA), with key officials including Ambroise Fayolle, EIB vice-president;  Gautier Mignot, European Union ambassador to Nigeria, and Laurent Favier, the Consul General of France in Lagos, in attendance.

The Omi Eko Project forms part of the strategic Abidjan-Lagos corridor supported by the European Union under its Global Gateway Initiative, which seeks to promote investment in sustainable infrastructure across partner countries.

Under the financing arrangement, the project will deliver new ferry terminals, passenger stations, maintenance facilities and a fleet of electric-powered vessels to strengthen water transportation in Lagos.

The initiative is expected to establish 15 structured ferry routes covering about 140 kilometres and connecting 25 upgraded and expanded ferry terminals across the state. It will also introduce 75 electric vessels, each with capacity to transport up to 440 passengers.

According to the project framework, the investment is projected to increase the share of waterways transport in Lagos from less than one per cent currently to about eight per cent by 2032, supporting the objectives of the Lagos State Transport Master Plan.

Oluwaseun Osiyemi, Lagos State Commissioner for Transportation, said the state government remains committed to ensuring transparency, accountability and effective implementation of the partnership.

“The Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership,” Osiyemi said, adding that the project would be delivered in line with global standards for sustainability and infrastructure development.

Oluwadamilola Emmanuel, the Special Adviser to the Lagos State governor on Blue Economy, described the partnership as a major step towards unlocking the economic potential of Lagos’ waterways.

He said the project would demonstrate the impact of combining visionary leadership with strategic international partnerships.

Fayolle, the EU vice president,  said the project represents a major investment in green transportation and sustainable growth.

He noted that the initiative would provide safer, more efficient and affordable transport options while creating economic opportunities and reducing greenhouse gas emissions.

Mignot, the EU ambassador to Nigeria, said the partnership reflects the strength of cooperation between Nigeria, Lagos State and European development institutions.

The wider financing package for the Omi Eko Project involves contributions from the EIB, European Union and the French Development Agency (AFD), with total support estimated at €410 million, including loans and investment grants.

The project aligns with Nigeria’s National Development Plan 2021–2025 and supports key Sustainable Development Goals focused on infrastructure, climate action and inclusive economic growth.

The EIB said it has invested about €2.3 billion in Nigeria since its first operation in the country in 1978, supporting sectors including transport, energy, agriculture, technology, and small and medium-sized enterprise.