Lagos State and EIB Global have signed a €170 million financing agreement to develop a sustainable and efficient waterways transport system in Lagos. The investment will support the Omi Eko Project, a major urban mobility initiative designed to improve public transport, reduce congestion and expand access to affordable waterborne transport across the city.
The agreement marks the first collaboration between the Lagos State Waterways Authority and EIB Global, the European Investment Bank’s development arm. EIB Global is the largest funder of the Omi Eko Project, with its long-term loan supported by an EU guarantee under the Global Gateway Initiative.
The project is also co-financed by the French Development Agency and the European Commission. Together, the European partners are providing a Team Europe financing package totalling €410 million, including €300 million in subsidized loans and €60 million in grants.
The Omi Eko Project will finance the development of a waterborne urban public transport network in Lagos. Planned investments include the construction of new ferry piers, upgraded passenger stations and jetties, new maintenance facilities and the acquisition of fully electric vessels for passenger transport.
The project will create 15 structured ferry routes covering 140 kilometres and linking 25 upgraded and expanded ferry terminals across Lagos. It will also introduce 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers, helping reduce greenhouse gas emissions and water pollution.
Once fully implemented, the project is expected to increase the share of waterborne transport in Lagos from less than 1 percent today to up to 8 percent by 2032. This aligns with the Lagos State Transport Master Plan and supports the city’s wider efforts to build a safer, cleaner and more integrated urban mobility system.
The project is expected to improve accessibility for underserved waterfront communities and reduce travel time and transport costs for commuters. By expanding ferry services and connecting communities through cleaner transport, the initiative aims to support economic activity, job creation and better quality of life in one of Africa’s largest cities.
Lagos State officials described the partnership as a major step toward unlocking the potential of the blue economy and modernising public transport. They emphasized the government’s commitment to providing the policy consistency, transparency and collaboration needed to ensure successful project delivery.
EIB Global said the project will help create safer, more efficient and affordable public transport while supporting sustainable growth and employment opportunities. The initiative is also part of the Abidjan-Lagos strategic corridor, which is supported by the European Union under the Global Gateway Initiative.
The project is aligned with Nigeria’s National Development Plan 2021–2025, which identifies investment in critical infrastructure as a key development priority. It also supports regional connectivity, sustainable transport and broader Sustainable Development Goals by improving urban mobility and reducing environmental impacts.
EIB has invested EUR 2.3 billion in Nigeria since launching its first operation in the country in 1978. Its support has covered sectors such as sustainable transport, SME and mid-cap financing, energy, innovation, new technologies and agriculture, with the Omi Eko Project adding a major green mobility investment to its Nigeria portfolio.
