Nigeria has secured €170 million ($194 million) in financing from the European Investment Bank (EIB) to support the implementation of the Omi Eko Water Transport Project, a major initiative designed to transform urban mobility in Lagos through the expansion of sustainable ferry transportation services.
The project represents the first collaboration between the Lagos State Waterways Authority (LASWA) and the European Investment Bank’s development arm, EIB Global. It aims to create a modern, efficient, and environmentally friendly water transport network that will help address the city’s growing transportation challenges while promoting sustainable urban development.
Under the Omi Eko project, Lagos will develop a comprehensive public ferry system featuring 15 ferry routes covering approximately 140 kilometers, connecting key residential, commercial, and economic areas throughout the city. The initiative includes the construction and modernization of 25 ferry terminals and passenger stations, along with maintenance facilities to support long-term operations.
A key component of the project is the deployment of 75 fully electric passenger ferries, each capable of carrying up to 440 passengers. These vessels are expected to significantly reduce greenhouse gas emissions, lower water pollution, and contribute to Nigeria’s broader climate and sustainability goals. By replacing conventional fuel-powered boats with electric alternatives, the project supports cleaner urban transportation and improved environmental performance.
Lagos State authorities aim to increase the share of ferry transportation in daily commuting from less than 1% today to approximately 8% by 2032. This shift is expected to reduce pressure on overcrowded road networks and provide residents with faster, safer, and more reliable transportation options.
The initiative addresses a critical challenge facing Lagos, one of Africa’s largest cities and Nigeria’s economic center. With a population exceeding 22 million people, Lagos experiences severe traffic congestion that affects economic productivity, business operations, and quality of life. According to development assessments, many commuters spend up to four hours per day traveling within the city due to inadequate transportation infrastructure and rising urbanization.
By expanding water-based transportation, the Omi Eko project seeks to diversify mobility options, reduce travel times, and improve connectivity between different parts of the metropolitan area. The project is also expected to stimulate economic activity by improving access to jobs, commercial centers, and public services while supporting tourism and waterfront development.
The total estimated cost of the Omi Eko project is €410 million, with the EIB financing forming a significant portion of the overall investment package. The project aligns with Nigeria’s National Development Plan 2021–2025 and supports broader regional integration efforts along the strategic Abidjan–Lagos Corridor, one of West Africa’s most important economic corridors.
Once completed, the initiative is expected to strengthen Lagos’ transport infrastructure, enhance environmental sustainability, improve urban resilience, and establish water transportation as a major component of the city’s long-term mobility strategy.
