Lagos State signs a €170 million financing partnership with EIB Global, the development arm of the European Investment Bank, to expand and modernize the state’s waterways transport system under the Omi Eko Project. The agreement, announced in Ikoyi, is presented as the first collaboration between the Lagos State Waterways Authority (LASWA) and the EIB, with officials including EIB Vice-President Ambroise Fayolle, the EU Ambassador Gautier Mignot and the French Consul General Laurent Favier attending the signing ceremony.
Under the project, LASWA says the programme will introduce 15 structured ferry routes covering about 140 kilometres, connect to 25 upgraded terminals, and deploy 75 fully electric ferries with a capacity of up to 440 passengers each. Lagos officials link the investment to expected reductions in greenhouse gas emissions and water pollution, while also aiming to increase the share of waterborne transport in the city from less than 1% to 8% by 2032.
Vanguard and Nigerian Eye both describe the partnership as supporting urban mobility, and both place the initiative within broader efforts to improve resilience, affordability and socio-economic outcomes. Together with other contributors, the total financing package for Omi Eko is stated to reach €410 million.
