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, 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.

Other News

What they are saying

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.

  • “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. This includes strong political will, policy consistency, transparency, accountability, and effective collaboration,” Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, said.
  • “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,” EIB Vice-President, Ambroise Fayolle, said.
  • “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,” Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, said.

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.

Get up to speed

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.

  • The project is co-financed with AFD and the European Commission. AFD is providing €130 million as a sovereign loan, while the European Commission is supporting the project with a €60 million investment grant.
  • The total financing package from European partners amounts to €410 million.

Through the operation, the EU Bank will finance the development of a waterborne urban public transport network in Lagos.

More insights

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.

  • The urban mobility project will implement 15 structured ferry routes across 140 kilometres. It will link 25 upgraded and expanded ferry terminals across Lagos.
  • The project will deploy 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers.
  • The vessels are expected to cut greenhouse gas emissions while reducing 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 areas such as sustainable transport, SMEs and midcap financing, energy, innovation, new technologies and agriculture.

What you should know

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.

  • Governor Babajide Sanwo-Olu officially flagged off the project.
  • The project is structured around two main components. The first component focuses on the construction of inland waterways transport infrastructure and associated facilities. The second component aims to establish 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.