By Seun Ibiyemi
The Lagos State Government and the European Investment Bank (EIB) have entered into a strategic partnership to develop a sustainable and modern waterways transportation system in the state through the Omi Eko Project.
The partnership, announced at a signing ceremony held at the headquarters of the Lagos State Waterways Authority (LASWA), will see EIB provide €170 million in financing for the project, marking the first collaboration between the European lender and LASWA.
The agreement was formalised in the presence of EIB Vice-President Ambroise Fayolle, European Union Ambassador to Nigeria Gautier Mignot, French Consul General in Lagos Laurent Favier, Lagos State Commissioner for Transportation Oluwaseun Osiyemi, and other government officials.
Under the partnership, Lagos and EIB will work together to establish an integrated water transport network featuring new ferry terminals, electric-powered ferries, passenger stations, jetties and maintenance facilities aimed at improving mobility across the state.
The project, which is also supported by the European Union and the French Development Agency (AFD), forms part of the EU’s Global Gateway Initiative and is expected to strengthen transport connectivity along the strategic Abidjan-Lagos corridor.
Speaking at the event, Commissioner for Transportation, Oluwaseun Osiyemi, described the partnership as a significant step towards delivering a world-class water transport system for Lagos residents.
He said the state government remained committed to providing the enabling environment needed for the successful implementation of the project through policy consistency, transparency and effective collaboration with international partners.
Also highlighting the significance of the agreement, the Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the partnership represented a major milestone in Lagos State’s efforts to unlock the economic potential of its waterways.
According to him, the collaboration with the EIB will help position the Omi Eko Project as a landmark achievement in urban transportation and blue economy development.
EIB Vice-President Ambroise Fayolle said the partnership demonstrates the bank’s commitment to supporting sustainable infrastructure projects that improve the quality of life for citizens while promoting economic growth and environmental sustainability.
The project will introduce 15 structured ferry routes spanning 140 kilometres and connect 25 upgraded ferry terminals across Lagos. It will also deploy 75 electric ferries, each capable of carrying up to 440 passengers.
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When completed, the initiative is expected to increase the share of waterborne transportation in Lagos from less than one per cent to as much as eight per cent by 2032, providing faster, safer and more affordable transport options for millions of commuters.
European Union Ambassador Gautier Mignot said the collaboration underscores the strong partnership between Europe, Nigeria and Lagos State, noting that the combined financing package of €410 million from European institutions reflects a shared commitment to sustainable urban development.
The Omi Eko Project aligns with Nigeria’s infrastructure development priorities and the Sustainable Development Goals, while advancing efforts to reduce congestion, lower emissions and improve access to transportation for waterfront communities across Lagos.
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