Lagos State Governor, Babajide Sanwo-Olu, has commended the European Investment Bank (EIB) for its support of the Omi Eko Project, describing the initiative as a transformative investment that will improve urban mobility, reduce travel time, and enhance the quality of life for Lagos residents.

Sanwo-Olu made the remarks during a courtesy visit by an EIB delegation led by the bank’s Vice President, Ambroise Fayolle, at Lagos House, Marina, over the weekend.

The governor said the Omi Eko Project aligns with his administration’s THEMES+ agenda, particularly the Transportation and Traffic Management pillar, which seeks to develop an integrated transportation network connecting road, rail, and water transport systems.

According to him, Lagos possesses vast water resources that can be harnessed to provide alternative transportation options and ease pressure on existing road infrastructure.

“The Omi Eko Project forms a critical part of Lagos State’s strategy to develop an integrated, intermodal transportation system that effectively combines road, rail, and water transport,” Sanwo-Olu said.

He explained that the project, whose name translates to “Water of Lagos,” will deliver modern and climate-resilient water transportation infrastructure, including upgraded ferry terminals, safer navigation channels, and improved commuter services.

The governor noted that the initiative is expected to significantly reduce commuting time for residents, with journeys that currently take up to two hours projected to be shortened to between 40 and 45 minutes.

Sanwo-Olu expressed appreciation to the EIB, the African Development Bank (AfDB), and other development partners for supporting Lagos State’s efforts to build a sustainable and efficient transportation system.

He added that expanding water transportation would provide commuters with more travel options while reducing congestion on roads and rail networks.

The governor also welcomed the EIB’s growing investment in Nigeria’s small and medium-scale enterprises (SMEs), describing the sector as a critical driver of economic growth and job creation.

According to him, Lagos remains committed to converting investment commitments secured during the recently concluded Lagos Investment Summit into tangible economic outcomes that benefit residents and businesses.

Earlier, EIB Vice President Ambroise Fayolle disclosed that Nigeria emerged as the bank’s largest country of operations in Africa in 2025, with total lending reaching €550 million.

He said the development reflected the strengthening partnership between Nigeria, the European Union, and the European Investment Bank.

Fayolle revealed that the EIB recently signed a €200 million financing facility with the Development Bank of Nigeria to support digital and green investments by micro, small, and medium-sized enterprises.

He also announced a separate financing agreement with Wema Bank aimed at improving access to finance for underserved businesses while encouraging environmentally sustainable practices.

Speaking on the Omi Eko Project, Fayolle described it as one of the European Union’s flagship infrastructure initiatives in Lagos.

He explained that the project is being jointly financed by the EIB, the European Union, and the French Development Agency, and will support the construction of modern ferry terminals and the deployment of electric boats across Lagos waterways.

“The initiative is designed to reduce congestion, improve environmental sustainability, and provide Lagos residents with a more efficient means of commuting,” Fayolle said.

The EIB delegation is expected to inspect several projects in Lagos, including investments supported through partnerships with the Bank of Industry, as part of ongoing efforts to strengthen collaboration and explore new opportunities for sustainable development in Nigeria.

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High ferry fares are limiting the adoption of water transport in Lagos, despite its potential to reduce traffic congestion. Experts warn that without fare subsidies, the new €410 million Omi Eko Project may struggle to attract daily commuters.

Currently, a one-way trip from Ikorodu to Victoria Island or Lekki costs ₦3,000–₦3,500, while the state-run LagFerry offers cheaper ₦1,500 rides but with limited service.

Transport expert Hannah Kates said most public transport systems are subsidized and urged the Lagos government to make ferries affordable enough to compete with buses. Researcher Tonami Playman added that high prices exclude most workers and called for fare integration with other transport options.

The Omi Eko Project—funded by the EU, AFD, and EIB will add new routes, terminals, and electric ferries to serve up to 25 million passengers annually. But experts say success depends on affordability, frequency, and reliability, not just infrastructure.

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Lagos State Governor, Babajide Sanwo-Olu, has launched the $410 million Omi-Eko Project, an ambitious initiative aimed at turning the state’s waterways into key channels of economic growth and sustainable transport.

Speaking at the official launch in Lagos on Friday, Sanwo-Olu said the project would transform the city’s waterways “from barriers of separation into corridors of opportunity.” He described the initiative as part of a broader vision to create a cleaner, smarter, and more efficient transport system across Lagos.

The Omi-Eko Project, meaning Water of Lagos, marks a major step in the state’s transportation evolution. It aims to ease road congestion, promote clean energy, and connect communities more effectively through a modern water mobility ecosystem.

“This project merges technology, environmental stewardship, and smart design to create a transport network that is efficient, inclusive, and green,” Sanwo-Olu said. “Our goal is clear: a Lagos where movement is seamless, air is cleaner, and waterways open up new opportunities rather than divide communities.”

Special Adviser to the Governor on Blue Economy, Damilola Emmanuel, described the Omi-Eko Project as Africa’s largest inland waterways investment. He said it would deploy over 70 hybrid-electric ferries, upgrade 20 jetties and terminals, and dredge 15 water routes to ensure safer, faster transportation.

He acknowledged support from international partners including the Agence Française de Développement, the European Investment Bank, and the European Union, noting that the project represents the realization of Lagos’ long-term blue economy master plan.

“This is no longer a dream; Lagos is living the dream,” Emmanuel said. “The Omi-Eko Project will help build a water-based economy that benefits everyone, from operators to investors to citizens.”

European Union Ambassador to Nigeria and ECOWAS, Gautier Mignot, noted that the project aligns with the Abidjan-Lagos Transport Corridor under the EU’s Global Gateway Strategy. He said the initiative will reduce annual CO₂ emissions by 41,000 tonnes and save commuters an average of three hours during peak travel.

French Minister for Europe and Foreign Affairs, Jean-Noel Barrot, hailed the project as a testament to Nigeria-France cooperation, adding that the electric ferries would thrive amid rising sea levels while cutting carbon emissions.

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