The Lagos State Government has secured a €170 million funding partnership with EIB Global, the development arm of the European Investment Bank (EIB), to improve water transportation across the state.
The agreement, announced in Lagos, marks the first collaboration between the Lagos State Waterways Authority (LASWA) and EIB Global. The funding will support the Omi Eko Project, a major initiative designed to transform water transport, reduce road congestion, and promote environmentally friendly mobility in Africa’s largest city.
According to LASWA, EIB Global is the largest financier of the project, providing €170 million to help build a modern and efficient waterways transport system. The project is expected to bring significant economic, social, and environmental benefits to Lagos residents while supporting sustainable urban development.
Under the initiative, Lagos will develop 15 structured ferry routes covering about 140 kilometres of waterways. The project will also upgrade and expand 25 ferry terminals across the city. In addition, 75 modern electric ferries will be introduced to provide safer, cleaner, and more reliable transportation for commuters.
Each ferry will have the capacity to carry up to 440 passengers. The use of electric-powered vessels is expected to significantly reduce greenhouse gas emissions and minimize water pollution, supporting Lagos’ environmental sustainability goals.
LASWA stated that the project aligns with the Lagos State Transport Master Plan, which aims to increase the share of water transportation from less than one percent currently to as much as eight percent by 2032. Officials believe the initiative will provide residents with faster and more affordable travel options while improving access to waterfront communities that are often underserved by existing transport systems.
The project will also include the construction of new ferry piers, passenger stations, jetties, and maintenance facilities to support the growing fleet. These developments are expected to strengthen the overall transport infrastructure and improve connectivity across Lagos.
Speaking at the event, Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the partnership as a major step forward for the state’s transport sector. He assured stakeholders that the Lagos State Government would provide the necessary support, including policy consistency, transparency, and effective collaboration, to ensure the project’s success.
The Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the agreement represents a major milestone in unlocking the economic potential of Lagos waterways. He expressed confidence that the Omi Eko Project would become a model for successful international cooperation and sustainable development.
EIB Vice-President Ambroise Fayolle noted that the project would deliver safer, more efficient, and affordable public transportation while creating jobs and supporting economic growth. He added that the initiative demonstrates the European Union’s commitment to promoting sustainable infrastructure development in West Africa.
The European Union Ambassador to Nigeria, Gautier Mignot, highlighted the broader support package behind the project. He revealed that the European Union, EIB, and the French Development Agency have collectively committed €410 million in financing, including subsidized loans and grants, to support the initiative.
The Omi Eko Project is part of the EU’s Global Gateway strategy and aligns with Nigeria’s National Development Plan, which prioritizes investment in critical infrastructure. Once completed, it is expected to improve daily commuting for millions of Lagos residents while advancing regional connectivity and sustainable transport solutions.
The project further strengthens Lagos’ ambition to become a leading hub for water transportation and blue economy development in Africa.
