EIB Global, the development branch of the European Investment Bank, announced a €170m financial partnership with the Lagos State Waterways Authority to develop sustainable and efficient water transport in Lagos. The partnership, the first collaboration between LASWA and EIB, was the largest funder of the Omi Eko Project.
The project would 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. Once fully implemented, the project would increase waterborne transport in Lagos from less than one per cent to as much as eight per cent by 2032.
EIB Vice-President Ambroise Fayolle said the bank strongly supported this flagship green project, which would develop safer, more efficient, and affordable public transport in Lagos. The EU Ambassador Gautier Mignot noted that the project was a strong demonstration of the European Union, EIB and AFD support, totalling €410m in subsidised loans and grants.