Lagos: We’ve secured €170m EIB fund to accelerate electric ferry transport project
Lagos State government says it has secured a €170 million financing partnership with the European Investment Bank EIB Global to boost the development of a sustainable and efficient water transport system across the state. The state’s commissioner for transportation, Oluwaseun Osiyemi, stated this after a tour on the waterways with senior representatives of the European […]
Lagos State government says it has secured a €170 million financing partnership with the European Investment Bank EIB Global to boost the development of a sustainable and efficient water transport system across the state.
The state’s commissioner for transportation, Oluwaseun Osiyemi, stated this after a tour on the waterways with senior representatives of the European Union and international partners.
The delegation led by EIB Vice-President Ambroise Fayolle, included EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, and the French Consul General in Lagos, Laurent Favier.
The agreement marked the first collaboration between the Lagos State Waterways Authority (LASWA) and the EIB and forms part of the broader Omi Eko Project.
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The EIB loan is supported by an EU guarantee under the Global Gateway Initiative, with additional co-financing from the Agence Française de Développement (AFD) and the European Commission, bringing total project support to about €410 million.
Osiyemi described the partnership as a major milestone, saying that the government is committed to an effective implementation through strong policy support, transparency, and collaboration with international partners.
“The EIB’s commitment to the Omi Eko Project is highly commendable. Likewise, 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 are prepared to work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability,” he said.
The Special Adviser to the Governor on Blue Economy, Oluwadamilola Emmanuel, said the initiative will establish 15 structured ferry routes spanning 140 kilometres, connect 25 upgraded terminals, and introduce 75 state-of-the-art electric vessels capable of carrying up to 440 passengers each.
“Under the project, Lagos will develop a comprehensive waterborne transport system featuring new ferry piers, electric vessels, upgraded jetties, and modern maintenance facilities. The plan also includes the deployment of fully electric ferries designed to reduce greenhouse gas emissions and improve water quality across the city’s lagoon network,” he said.
He added that the project would expand the role of water transport in the state, increasing its modal share from less than 1 percent currently to as much as 8 percent by 2032, in line with the state’s transport master plan.
The Vice-President, EIB Ambroise Fayolle, stressed that the investment would help deliver a safer, more efficient, and affordable transport system while improving livelihoods and supporting green growth in Lagos.
“We strongly support this flagship green project, which will develop a more safe, efficient and affordable public transport in Lagos.
“It will improve the daily lives of Lagos’ large population while boosting sustainable growth and job opportunities. It is a concrete demonstration of the EIB’s commitment with his partners to the EU’s Global Gateway strategy in West Africa,” he said.
EU Ambassador to Nigeria, Gautier Mignot, noted that the project demonstrates the strength of EU-Nigeria cooperation and the impact of the Global Gateway strategy in improving connectivity and urban mobility.
“The OMI EKO project is a strong demonstration and the sizeable support of the European Union, EIB and AFD are bringing to this project, 300 MEUR in subidized loans and 60 MEUR in grants, shows the strength of our partnership with Nigeria and Lagos State and the positive impact of this collaboration on impact on the daily lives of millions of people,” he said.