The Lagos State Government and EIB Global, the development arm of the European Investment Bank (EIB), have announced a €170 million financial partnership to create a sustainable and efficient waterways transport system in Lagos. The agreement was signed on Friday, marking a significant step toward modernizing the city's waterborne public transport.
Omi Eko Project Funding
EIB Global is the largest funder of the Omi Eko Project, providing €170 million in financing. The project is part of the strategic Abidjan-Lagos corridor, supported by the European Union under the Global Gateway Initiative, and aligns with national, regional, and Sustainable Development Goals (SDGs).
Signing Ceremony and Site Visit
The signing ceremony, followed by a site visit, took place at the Lagos State Waterways Authority (LASWA) headquarters. Attendees included Ambroise Fayolle, EIB Vice-President; Gautier Mignot, EU Ambassador; and Laurent Favier, Consul General of France in Lagos. This marks the first collaboration between LASWA and EIB.
The EIB long-term loan is backed by an EU guarantee under the Global Gateway Initiative, with EIB as a key partner in Africa. The project is co-financed with the French Development Agency (AFD) and the European Commission, providing €130 million in sovereign loans and €60 million in investment grants.
Project Details
The EU Bank will finance the implementation of a waterborne urban public transport network in Lagos. This includes constructing new ferry piers, acquiring electrically operated small-scale ferries for passenger transport, and developing maintenance facilities. The operation also covers the supply of fully electric vessels and the construction of passenger stations and jetties.
Specifically, the project will implement 15 structured ferry routes along 140 kilometers, linking 25 upgraded and expanded ferry terminals across the city. It will also introduce 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers. These electric vessels are expected to significantly cut greenhouse gas emissions and reduce water pollution.
Expected Impact
Once fully implemented, the project aims to increase 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 bring time and cost savings for commuters.
Government and Partner Comments
The Commissioner for Transportation, Lagos State, Mr. Oluwaseun Osiyemi, praised the EIB's commitment, stating, “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.”
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.”
EIB Vice-President Mr. Ambroise Fayolle commented, “We strongly support this flagship green project, which will develop a more safe, efficient and affordable public transport in Lagos. 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, added, “The OMI EKO project is a strong demonstration of the European Union, EIB and AFD’s support, with €300 million in subsidized loans and €60 million in grants. I look forward to navigating on electric ferries throughout the wonderful Lagos lagoon.”
The project exemplifies a Team Europe approach, with a financing package from European partners totaling €410 million.
