The Lagos State Government and the European Investment Bank (EIB) Global on Friday formally unveiled a €170 million partnership to transform water transportation in the State, months after the financing agreement was officially signed.
Although the loan agreement was sealed on December 11, 2025, officials gathered at the Lagos State Waterways Authority (LASWA) headquarters on Friday for the partnership signing ceremony and project launch, marking the commencement of the Omi Eko Project’s implementation.
EIB Global, the development and international partnerships arm of the European Investment Bank, is the largest financier of the Omi Eko Project with €170 million in funding.
The project forms part of the strategic Abidjan-Lagos corridor supported by the European Union under the European Global Gateway Initiative. It is designed to align with national and regional priorities as well as the Sustainable Development Goals (SDGs).
The ceremony, which also featured a site visit, was attended by EIB Vice-President, Ambroise Fayolle, European Union Ambassador, Gautier Mignot, French Consul General in Lagos, Laurent Favier and other officials.
The partners described the initiative as the first collaboration between LASWA and the EIB.
According to the partners, the EIB’s long-term loan is backed by an EU guarantee under the Global Gateway Initiative, where the bank serves as a key partner in Africa. The project is also being co-financed by the French Development Agency (AFD) with a €130 million sovereign loan and the European Commission with a €60 million investment grant.
Under the arrangement, the EIB will finance the implementation of a modern water-based public transport network across Lagos through the construction of new ferry piers, procurement of electrically powered passenger ferries and development of maintenance facilities for the fleet.
The project also includes the supply of fully electric vessels alongside the construction of passenger stations and jetties.
In practical terms, the Omi Eko Project will establish 15 structured ferry routes spanning 140 kilometres, connecting 25 upgraded and expanded ferry terminals across Lagos. It will deploy 75 state-of-the-art electric ferries, each capable of carrying up to 440 passengers, significantly reducing greenhouse gas emissions and water pollution.
Once completed, the project is expected to increase the share of water transportation in Lagos from less than one per cent to as much as eight per cent by 2032, in line with the Lagos State Transport Master Plan. It is also expected to improve access for underserved waterfront communities while cutting travel time and transport costs for commuters.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the EIB’s support as a major boost to the project.
“The EIB’s commitment to the Omi Eko Project is highly commendable. Likewise, 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. We are prepared to work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability,” he said.
Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, said the ceremony represented an important milestone in unlocking the State’s blue economy potential.
“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. We are confident that with the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement, showcasing what is possible when visionary leadership meets strategic international partnership,” he said.
EIB Vice-President, Ambroise Fayolle, said the institution was proud to support a project that would provide safer, more efficient and affordable public transportation for Lagos residents.
“We strongly support this flagship green project, which will develop a more safe, efficient and affordable public transport in Lagos. It will improve the daily lives of Lagos’ large population while boosting sustainable growth and job opportunities. It is a concrete demonstration of the EIB’s commitment with his partners to the EU’s Global Gateway strategy in West Africa,” Fayolle said.
European Union Ambassador to Nigeria, Gautier Mignot, said the Omi Eko Project reflects the strength of the partnership between Nigeria and Europe.
“The OMI EKO project is a strong demonstration and the sizeable support of the European Union, EIB and AFD are bringing to this project, 300 MEUR in subsidised loans and 60 MEUR in grants, shows the strength of our partnership with Nigeria and Lagos State and the positive impact of this collaboration on the daily lives of millions of people. It is also a demonstration of our Team Europe’s commitment to roll out the EU’s Global Gateway strategy in West Africa, with the aim of strengthening global connectivity across the world. I look forward to navigate, in a not too distant future, on electric ferries throughout the wonderful Lagos lagoon and to further expand transport connectivity in Lagos, in Nigeria but also in the ECOWAS region and beyond. Let’s shape the future together,” he said.
The Omi Eko Project is being delivered under the Team Europe initiative through a combined financing package of €410 million provided by the European Investment Bank, the French Development Agency and the European Union.
