The European Investment Bank (EIB) Global and the Lagos State Government have signed a €170 million financing agreement to develop a sustainable waterways transport system aimed at improving urban mobility, reducing environmental impact and expanding transport access across Lagos.
The funding, which positions EIB Global as the largest financier of the Omi Eko Project, will support the development of an efficient waterborne public transport network as part of efforts to address mobility challenges in Nigeria’s commercial capital.
The agreement was announced during a signing ceremony and site visit held at the headquarters of the Lagos State Waterways Authority (LASWA), with key officials including Ambroise Fayolle, EIB vice-president; Gautier Mignot, European Union ambassador to Nigeria, and Laurent Favier, the Consul General of France in Lagos, in attendance.
The Omi Eko Project forms part of the strategic Abidjan-Lagos corridor supported by the European Union under its Global Gateway Initiative, which seeks to promote investment in sustainable infrastructure across partner countries.
Under the financing arrangement, the project will deliver new ferry terminals, passenger stations, maintenance facilities and a fleet of electric-powered vessels to strengthen water transportation in Lagos.
