EIB Global, the development branch of the European Investment Bank, has announced a €170m financial partnership with the Lagos State Waterways Authority to develop sustainable and efficient water transport in Lagos.
The partnership, which is the first collaboration between LASWA and EIB, the largest funder of the Omi Eko Project, was announced on Friday in Ikoyi, Lagos, and was witnessed by the EIB Vice-President, Ambroise Fayolle, European Union Ambassador, Gautier Mignot, and the Consul General of France in Lagos, Laurent Favier.
LASWA disclosed this in a statement on Friday obtained by Saturday PUNCH. LASWA explained that EIB Global, the development branch of the European Investment Bank, is the largest funder of the Omi Eko Project with €170m financing.
The statement explained that the project will improve urban mobility with socio-economic and environmental benefits for the population. It added that the project is part of the strategic Abidjan-Lagos corridor, which is supported by the EU under the European Global Gateway Initiative, noting that it responds to national and regional priorities and the Sustainable Development Goals.
“Today, Lagos State and EIB Global, the branch of the European Investment Bank dedicated to development and international partnerships, announced a €170m financial partnership to develop sustainable and efficient waterways transport in Lagos.
“The signing ceremony, followed by a site visit, was held at the LASWA headquarters in the presence of Ambroise Fayolle, EIB Vice-President; Gautier Mignot, EU Ambassador; and Laurent Favier, Consul General of France in Lagos,” the statement read in part.
The agency explained that the innovative urban mobility project will implement 15 structured ferry routes along 140 kilometres, linking 25 upgraded and expanded ferry terminals across the city, and deploy 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers.
“These vessels will significantly cut greenhouse gas emissions while reducing water pollution,” it stated.
LASWA highlighted that, once fully implemented, the project will contribute significantly to increasing the proportion of waterborne transport in Lagos from less than one per cent currently to as much as eight per cent by 2032, in line with the Lagos State Transport Master Plan. It added that the project will improve accessibility for underserved waterfront communities and deliver time and cost savings for commuters.
“Through this operation, the EU Bank will finance the implementation of a waterborne urban public transport network in Lagos through the construction of new ferry piers, the acquisition of electrically operated small-scale ferries for passenger transport, and the development of new maintenance facilities for the fleet.
“The operation also includes the supply of fully electric vessels and the construction of passenger stations and jetties,” it stated.
Speaking on the partnership, the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, said, “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.”
Commenting on the significance of the partnership, the Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, reiterated that the signing ceremony marks a significant milestone in the journey towards unlocking the full potential of the Blue Economy and of the Omi Eko Project in particular.
“We are confident that with the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement, showcasing what is possible when visionary leadership meets strategic international partnership,” he said.
The EIB Vice-President, Mr Ambroise Fayolle, said, “We strongly support this flagship green project, which will develop safer, more 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 its partners to the EU’s Global Gateway strategy in West Africa.”
The Ambassador of the European Union to Nigeria, Mr Gautier Mignot, pointed out that, “The OMI EKO project is a strong demonstration and the sizeable support the European Union, EIB and AFD are bringing to this project, 300 MEUR in subsidised 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 the daily lives of millions of people.
‘It is also a demonstration of our Team Europe’s commitment to roll out the EU’s Global Gateway strategy in West Africa, intending to strengthen global connectivity across the world. I look forward to navigating, in the not-too-distant future, on electric ferries throughout the wonderful Lagos Lagoon and to further expand transport connectivity in Lagos, in Nigeria, but also in the ECOWAS region and beyond. Let’s shape the future together.”
The project presents a Team Europe approach with a sizeable and impactful financing package provided by a consortium of European partners — the French Development Agency, European Union and European Investment Bank — totalling €410m. The project is in line with Nigeria’s National Development Plan 2021–2025, one of whose five key objectives is investment in critical infrastructure. It responds to regional and national priorities in Nigeria, as well as the Sustainable Development Goals.
The European Investment Bank is the long-term lending institution of the European Union, owned by its member states. It finances investments that contribute to EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway.
Meanwhile, Global Gateway is the EU’s initiative aimed at reducing the worldwide investment gap and boosting smart, clean and secure connections in the digital, energy and transport sectors, while strengthening health, education and research systems. The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU member states and European development finance institutions.
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