Lagos State has secured a major €170 million financing deal with the European Investment Bank (EIB) to boost water transportation and introduce electric ferries across the state.
The funding forms part of the ambitious Omi Eko Project, a large-scale initiative designed to transform Lagos waterways into a modern, efficient and environmentally friendly transport network.
The agreement was unveiled during a signing ceremony attended by top officials from the European Union, the European Investment Bank, and the Lagos State Government.
Under the project, Lagos plans to develop new ferry terminals, upgrade existing jetties, introduce electric-powered ferries and establish modern maintenance facilities to support operations.
The initiative is expected to significantly improve mobility for millions of residents while reducing pressure on the city’s busy road network.
According to project details, the transport system will feature 15 ferry routes covering about 140 kilometres, connect 25 upgraded terminals and deploy 75 electric ferries capable of carrying hundreds of passengers.
Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, described the partnership as a major milestone in the state’s quest to build world-class transport infrastructure.
“The Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership,” he said.
Officials say the project will not only improve transportation but also support environmental sustainability by reducing emissions and promoting cleaner mobility solutions.
The European Investment Bank noted that the investment aligns with efforts to encourage green growth, create jobs and improve the quality of life for residents.
Once completed, the Omi Eko Project is expected to increase the use of water transportation across Lagos and position the city as one of Africa’s leading examples of sustainable urban transport.
Source: Lagos State Government / European Investment Bank (EIB).
