Uche Cecil Izuora
Lagos State Government and the European Investment Bank (EIB) Global have announced a €170 million financial partnership to develop sustainable and efficient waterways transport in Lagos, marking the first collaboration between the Lagos State Waterways Authority and EIB.
The signing ceremony at LASWA headquarters was attended by EIB Vice-President Ambroise Fayolle, EU Ambassador Gautier Mignot, and Consul General of France in Lagos Laurent Favier.
The EIB Global serves as the largest funder of the Omi Eko Project with EUR 170 million financing, supported by an EU guarantee under the Global Gateway Initiative where EIB acts as a key partner in Africa. The project represents a comprehensive Team Europe approach with financing totalling €410 million from European partners including the French Development Agency, European Union, and European Investment Bank, comprising EUR 130 million sovereign loan from AFD and EUR 60 million investment grant from the European Commission alongside the EIB long-term loan.
The European Investment Bank stands as the long-term lending institution of the European Union, owned by its Member States, financing investments that contribute to EU policy objectives. EIB Global operates as the EIB Group’s specialised arm devoted to increasing impact of international partnerships and development finance, serving as a key partner of Global Gateway while aiming to support €100 billion of investment by end of 2027.
Through this operation, the EU Bank will finance implementation of a waterborne urban public transport network through construction of new ferry piers, acquisition of electrically operated small-scale ferries for passenger transport, and development of new maintenance facilities for the fleet. The operation includes supply of fully electric vessels and construction of passenger stations and jetties, implementing 15 structured ferry routes along 140 kilometres linking 25 upgraded ferry terminals across the city plus 75 state-of-the-art electric vessels each carrying up to 440 passengers. These vessels will significantly cut greenhouse gas emissions while reducing water pollution.
Once fully implemented, the project will increase waterborne transport in Lagos from less than 1 per cent currently to up to 8 per cent by 2032, aligning with the Lagos State Transport Master Plan while improving accessibility for underserved waterfront communities and bringing time and cost savings for commuters.
The project is part of the strategic Abidjan-Lagos corridor supported by the EU under the European Global Gateway Initiative, responding to national and regional priorities and Sustainable Development Goals while aligning with Nigeria’s National Development Plan 2021-2025 prioritising critical infrastructure investment.
As a key partner of Nigeria, EIB has invested EUR 2.3 billion since the first operation in 1978, supporting impactful projects in sustainable transport, SMEs and Midcaps financing, energy, innovation and new technologies, and agriculture. Global Gateway serves as the EU’s positive offer to reduce worldwide investment disparity and boost smart, clean, and secure connections in digital, energy and transport sectors while strengthening health, education, and research systems through a Team Europe approach aiming to mobilise up to €300 billion in public and private investments from 2021 to 2027.
Lagos State Commissioner for Transportation Mr. Oluwaseun Osiyemi said the EIB’s commitment to the Omi Eko Project is highly commendable, with Lagos State Government fully committed to providing the enabling environment including strong political will, policy consistency, transparency, accountability, and effective collaboration to ensure Omi Eko meets the highest global standards of project delivery and sustainability.
Special Adviser to the Lagos State Governor on Blue Economy Mr. Oluwadamilola Emmanuel noted the partnership signing ceremony marks a significant milestone in unlocking the full potential of the Blue Economy and the Omi Eko Project, confident that with EIB’s support and expertise the project will stand as a landmark achievement showcasing what is possible when visionary leadership meets strategic international partnership.
EIB Vice-President Mr. Ambroise Fayolle stated they strongly support this flagship green project developing more safe, efficient and affordable public transport in Lagos that will improve daily lives while boosting sustainable growth and job opportunities, demonstrating EIB’s commitment with partners to the EU’s Global Gateway strategy in West Africa.
EU Ambassador to Nigeria Mr. Gautier Mignot said the OMI EKO project demonstrates sizeable support the European Union, EIB and AFD are bringing, 300 MEUR in subsidized loans and 60 MEUR in grants, showing the strength of partnership with Nigeria and Lagos State and positive impact on millions of people’s daily lives, demonstrating Team Europe’s commitment to roll out EU’s Global Gateway strategy in West Africa while strengthening global connectivity, looking forward to navigating on electric ferries throughout Lagos lagoon in the not too distant future and expanding transport connectivity in Lagos, Nigeria, the ECOWAS region and beyond as they shape the future together.