Lagos State has landed a €170 million financing deal with the European Investment Bank to transform water transport across the state. The partnership marks a significant push toward sustainable ferry services on the lagoon.
Transportation Commissioner Oluwaseun Osiyemi announced the agreement following a waterways inspection with top EU officials. He toured alongside senior representatives from international development institutions.
EIB Vice-President Ambroise Fayolle led the delegation on the Lagos waterways. The group also included EU Ambassador Gautier Mignot and French Consul General Laurent Favier.
This represents the first time Lagos Waterways Authority has partnered with the EIB. It sits at the core of the broader Omi Eko Project initiative.
Total project funding reaches approximately €410 million when combined sources are counted. An EU guarantee backs the EIB loan under the Global Gateway Initiative, with additional support from France's development agency and the European Commission.
Osiyemi called the partnership a watershed moment for the state's transport agenda. He pledged government commitment to rigorous implementation standards and transparent collaboration with international backers.
"The EIB's backing of Omi Eko is deeply commendable," Osiyemi told reporters during the waterways tour. "Lagos is fully ready to create the conditions needed for this partnership to thrive."
He outlined the state's obligations: strong political backing, consistent policy direction, transparency, and accountability. "We'll work hand-in-hand with the European Investment Bank to ensure Omi Eko meets global standards," the commissioner noted.
Blue Economy Adviser Oluwadamilola Emmanuel detailed what the project will deliver on the ground. It will establish 15 organized ferry routes covering 140 kilometres of the lagoon network.
Twenty-five terminals will receive upgrades as part of the infrastructure overhaul. Seventy-five electric ferries—each carrying up to 440 passengers—will operate across these routes.
"Lagos will build a complete water transport system from the ground up," Emmanuel told journalists. New ferry terminals, jetties, and modern servicing facilities are all part of the plan.
Environmental benefits rank high on the project's agenda. Electric ferries will slash greenhouse gas emissions and protect water quality in the lagoon system.
Currently, water transport accounts for less than 1 percent of Lagos commuter trips. By 2032, the state expects this to climb to 8 percent, aligning with its transport master plan.
Fayolle stressed the investment's broader impact on residents' daily lives. "This green project will deliver safer, more efficient, and cheaper public transport," he said at the waterways ceremony.
According to the EIB Vice-President, the initiative will also boost job creation and sustainable growth. "It demonstrates our dedication to the EU's Global Gateway strategy across West Africa," Fayolle added.
EU Ambassador Mignot highlighted what the deal means for bilateral relations. He emphasized the strength of EU-Nigeria partnership and cooperation between both sides.
