Lagos State has secured a €170 million financing deal with EIB Global, the development arm of the European Investment Bank, to expand and modernize its waterways transport system under the Omi Eko Project.
The agreement, announced in Ikoyi on Friday, marks the first collaboration between the Lagos State Waterways Authority (LASWA) and the EIB.
The signing ceremony was attended by EIB Vice-President Ambroise Fayolle, EU Ambassador Gautier Mignot, and French Consul General Laurent Favier.
According to LASWA, the project will deliver 15 structured ferry routes spanning 140 kilometres, connect 25 upgraded terminals, and deploy 75 fully electric ferries capable of carrying up to 440 passengers each.
The initiative is expected to cut greenhouse gas emissions, reduce water pollution, and raise Lagos’ waterborne transport share from less than 1% today to 8% by 2032.
Lagos Commissioner for Transportation, Oluwaseun Osiyemi, praised the EIB’s commitment, pledging strong political will and transparency to ensure the project meets global standards.
Special Adviser on Blue Economy, Oluwadamilola Emmanuel, described the partnership as a milestone in unlocking Lagos’ blue economy potential.
EIB Vice-President Fayolle highlighted the project’s role in boosting sustainable growth and job creation, while EU Ambassador Mignot emphasized its alignment with the EU’s Global Gateway strategy in West Africa.
Together with the French Development Agency and EU support, the total financing package for the project amounts to €410 million.
The Omi Eko Project is part of Nigeria’s National Development Plan 2021–2025, which prioritizes investment in critical infrastructure.
Once completed, it is expected to improve accessibility for waterfront communities, reduce commuting costs, and showcase Lagos as a model for sustainable urban transport.
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