The Lagos State Government and EIB Global, the development arm of the European Investment Bank (EIB), have sealed a €170 million partnership to develop sustainable water transport infrastructure in the state.

The agreement was signed on Friday at the headquarters of the Lagos State Waterways Authority (LASWA) in Ikoyi, Lagos.

The ceremony was attended by EIB Vice-President, Mr. Ambroise Fayolle; the European Union (EU) Ambassador to Nigeria, Mr. Gautier Mignot; and the Consul General of France in Lagos, Mr. Laurent Favier.

The partnership marks the first collaboration between LASWA and EIB, the largest financier of the Omi Eko Project.

The EIB loan is backed by an EU guarantee under the Global Gateway Initiative.

The project is also co-financed by the French Development Agency (AFD) and the European Commission through a €130 million sovereign loan and a €60 million investment grant, respectively.

Speaking at the event, the Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, described EIB’s commitment to the project as 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.

“We will work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability,” he said.

Osiyemi said the project would support the development of a waterborne public transport network through the construction of ferry terminals, passenger stations and jetties, as well as the acquisition of electric ferries and maintenance facilities.

According to him, the project will establish 15 ferry routes spanning 140 kilometres and connect 25 upgraded terminals across Lagos.

He said 75 electric ferries, each with a capacity of up to 440 passengers, would be deployed under the initiative.

“The vessels will significantly reduce greenhouse gas emissions and water pollution.

“Once completed, the project is expected to increase the share of water transport in Lagos from less than one per cent to about eight per cent by 2032, in line with the Lagos State Transport Master Plan,” he said.

Also speaking, the Special Adviser to the Governor on Blue Economy, Mr. Oluwadamilola Emmanuel, said the partnership represented a major milestone in efforts to unlock the state’s blue economy potential.

“With the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement and demonstrate the value of strategic international partnerships,” he said.

Fayolle said EIB was proud to support a flagship green transport project that would provide safer, more efficient and affordable mobility for Lagos residents.

“It will improve daily life for millions of people while supporting sustainable growth and job creation.

“It also demonstrates EIB’s commitment to the EU Global Gateway strategy in West Africa,” he said.

Similarly, Mignot said the project reflected the EU’s commitment to sustainable transport development in Lagos through substantial financial and institutional support.

He said the financing package, comprising loans and grants from the EU, EIB and AFD, would deliver tangible benefits to millions of residents.

“It also demonstrates Team Europe’s commitment to advancing the EU Global Gateway strategy in West Africa and strengthening connectivity.

“I look forward to travelling on electric ferries across the Lagos Lagoon in the near future and to seeing improved transport links within Lagos, Nigeria and the wider ECOWAS region,” he said.

The project is being financed through a Team Europe package involving the EIB, AFD and the European Union, with total funding valued at €410 million.

The project aligns with Nigeria’s National Development Plan and supports broader regional priorities on infrastructure development and the Sustainable Development Goals.