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.
- +Lagos secures €170 million EIB funding for Omi Eko waterways project
This was disclosed in a statement jointly signed by both partners on Friday, June 19, 2026, and seen by Nairametrics.
This was disclosed in a statement jointly signed by both partners on Friday, June 19, 2026, and seen by Nairametrics.
The project is part of the strategic Abidjan-Lagos corridor, which is supported by the European Union under the Global Gateway Initiative.
It is also 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, followed by a site visit. The event was attended by Ambroise Fayolle, EIB Vice-President; Gautier Mignot, EU Ambassador; and Laurent Favier, Consul General of France in Lagos.
Mr. Gautier Mignot, the Ambassador of the European Union to Nigeria, also noted that the Omi Eko project demonstrates the strong support that the European Union, EIB and AFD are bringing to Lagos State and Nigeria.
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 long-term loan is supported by an EU guarantee under the Global Gateway Initiative, of which EIB is a key partner in Africa.
Through the operation, the EU Bank will finance the development of a waterborne urban public transport network in Lagos.
The project will involve 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.
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 areas such as 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.
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.
