POLITICAL Economy

Lagos Secures €170 Million for Waterways Project

by admin on | 2026-06-21 17:15:37

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Lagos Secures €170 Million for Waterways Project

By Ahmad Sirajo Makama, Abuja

The Lagos State Government has secured a €170 million financing package from the European Investment Bank (EIB) to support the implementation of the Omi Eko Project, designed to modernise the state’s waterways transportation system and strengthen its blue economy.

The Omi Eko Project is a strategic intervention aimed at expanding water transportation as a sustainable and efficient alternative to road travel, while improving mobility, reducing congestion and enhancing economic productivity across Lagos State.

The financing agreement was signed in the presence of the Vice President of the European Investment Bank, Ambroise Fayolle; the European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot; the French Consul General, Laurent Favier; the Lagos State Commissioner for Transportation, Oluwaseun Osiyemi; and the Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel.

The bank funding, backed by a European Union guarantee under the Global Gateway Initiative, represents the largest single contribution to the project. Additional financing includes a €130 million sovereign loan from the French Development Agency and a €60 million investment grant from the European Commission.

Speaking at the signing ceremony, the Vice President of the European Investment Bank, Ambroise Fayolle, said the project would support cleaner transportation, reduce travel times and create new opportunities for economic growth and job creation.

Lagos State Commissioner for Transportation, Mr. Oluwaseun Osiyemi, described the project as a major milestone in the state’s efforts to develop an integrated and sustainable transportation system.

According to him, the project benefits from strong institutional partnerships and a robust implementation framework that will ensure accountability, timely delivery and adherence to international best practices. 

He said the deployment of modern electric ferries would significantly improve safety, reliability and passenger comfort while supporting global efforts to reduce carbon emissions.

Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, explained that implementation of the project has commenced and will be executed over a five-year period.

He said the project would deliver more than 70 electric ferries, upgrade ferry terminals and undertake extensive dredging and channelisation works to improve navigability and operational efficiency along key waterways corridors.

“Provisions have also been made to strengthen the capacity of existing operators within the waterways sector to ensure their participation in the evolving transport ecosystem.”

According to Emmanuel, water transportation remains a critical component of the Lagos State Government’s integrated transport strategy alongside rail and road transportation systems.

The European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, explained that the partnership would extend beyond infrastructure financing to include technical assistance, governance support and transparent procurement processes aimed at ensuring value for money and long-term sustainability.

Upon completion, the Omi Eko Project will establish a modern waterways transport network featuring 15 structured ferry routes covering approximately 140 kilometres across Lagos State.

The project will also upgrade and expand 25 ferry terminals, deploy 75 state-of-the-art electric ferries with a combined capacity to move thousands of passengers daily, and provide supporting infrastructure including passenger stations, jetties, maintenance facilities and improved navigation channels.

The initiative aligns with the Lagos State Government’s commitment to sustainable urban mobility, economic growth and environmental stewardship, while supporting Nigeria’s National Development Plan and broader infrastructure development objectives.

Through strategic partnerships and sustained investment, the Omi Eko Project is expected to transform water transportation in Lagos, improve connectivity, stimulate economic activities and enhance the quality of life for millions of residents.