The Lagos State Government and the European Investment Bank Global have announced a €170 million financial partnership to develop sustainable and efficient waterways transport in Lagos. This was disclosed in a statement jointly signed by both partners on Friday, June 19, 2026.
The project is part of the strategic Abidjan-Lagos corridor, supported by the European Union under the Global Gateway Initiative, and is expected to strengthen the Omi Eko Project, Lagos State’s major inland waterways transport initiative.
The signing ceremony was held at the Lagos State Waterways Authority headquarters, attended by EIB Vice-President Ambroise Fayolle, EU Ambassador Gautier Mignot, and Laurent Favier, Consul General of France in Lagos.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, stated, “The EIB’s commitment to the Omi Eko Project is highly commendable. The Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership.”
EIB Vice-President Ambroise Fayolle added, “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.”
Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, noted, “The partnership signing ceremony with the EIB marks a significant milestone in the state’s journey to unlock the full potential of its Blue Economy, and of the Omi Eko Project in particular.”
This is the first collaboration between LASWA and EIB, with the European Investment Bank emerging as the largest funder of the Omi Eko Project. The EIB loan is supported by an EU guarantee under the Global Gateway Initiative.
The project is co-financed with AFD, which is providing €130 million as a sovereign loan, and the European Commission, which is supporting the project with a €60 million investment grant. The total financing package from European partners amounts to €410 million.
Through this operation, the EU Bank will finance the development of a waterborne urban public transport network in Lagos. The project involves the construction of new ferry piers, the acquisition of electrically operated small-scale ferries for passenger transport, and the development of new maintenance facilities for the fleet. It also includes the supply of fully electric vessels, as well as the construction of passenger stations and jetties.
The urban mobility project will implement 15 structured ferry routes across 140 kilometres, linking 25 upgraded and expanded ferry terminals across Lagos. It will deploy 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers. These vessels are expected to cut greenhouse gas emissions and reduce water pollution.
Once fully implemented, the project is expected to increase the share of waterborne transport in Lagos from less than 1% currently to as much as 8% by 2032, in line with the Lagos State Transport Master Plan.
As a key partner of Nigeria, EIB has invested €2.3 billion in the country since its first operation in 1978, supporting projects in sustainable transport, SMEs and midcap financing, energy, innovation, new technologies, and agriculture.
Last year, the Lagos State Government launched the €410 million Omi Eko Project, a major public inland waterways transportation initiative aimed at transforming mobility across the Lagos Lagoon. The launch event was held at the Five Cowries Terminal, LASWA Headquarters, Falomo, Ikoyi, with Governor Babajide Sanwo-Olu officially flagging off the project.
The project is structured around two main components: the construction of inland waterways transport infrastructure and associated facilities, and the establishment of sustainable inland waterways transport operations. The latest EIB partnership marks another major step in Lagos State’s efforts to expand water transport and develop a cleaner, more efficient public mobility system.
