Lagos State Governor, Babajide Sanwo-Olu, has commended the European Investment Bank for its support towards the Omi Eko Project, describing the initiative as a major investment that will transform urban mobility and improve the quality of life for residents.
Sanwo-Olu spoke over the weekend when he received an EIB delegation led by its Vice President, Ambroise Fayolle, during a courtesy visit at Lagos House, Marina.
The governor said the project aligns with his administration’s THEMES+ agenda, particularly its Transportation and Traffic Management pillar, as part of efforts to develop an integrated transportation system combining road, rail, and water transport.
He said Lagos’ extensive waterways provide an opportunity to expand alternative transportation options, noting that about one-third of the state is covered by water.
‘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.
According to him, the project, which means ‘Water of Lagos’, will provide modern and climate-resilient water transport infrastructure, including improved terminals, safer navigation channels, and enhanced commuter services.
He added that the initiative would help reduce travel time for residents, with journeys that currently take up to two hours expected to drop to between 40 and 45 minutes.
Sanwo-Olu thanked the EIB, the African Development Bank, and other development partners for supporting the state’s efforts to build a sustainable transportation network.
He said providing commuters with multiple transportation options would help reduce pressure on existing road and rail infrastructure.
The governor also welcomed the EIB’s investment in Nigeria’s small and medium-scale enterprise sector, describing SMEs as key drivers of economic growth.
He said Lagos remained committed to converting investment commitments into tangible economic outcomes following the recently concluded Lagos Investment Summit, which attracted local and international investors.
Speaking earlier, Fayolle said Nigeria became the EIB’s largest country of operations in Africa in 2025, with total lending valued at €550 million.
He said the development reflected the growing partnership between Nigeria, the European Union, and the EIB.
Fayolle disclosed that the bank recently signed a €200 million facility with the Development Bank of Nigeria to support digital and green investments by micro, small, and medium-sized enterprises.
He also announced a financing agreement with Wema Bank to improve access to finance for underserved businesses while promoting environmentally sustainable practices.
On the Omi Eko Project, Fayolle described it as one of the European Union’s flagship initiatives in Lagos, adding that it was being financed by the EIB, the European Union, and the French Development Agency.
He said the project would support the construction of modern ferry terminals and the deployment of electric boats to improve water transportation across the state.
‘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 visit several projects in Lagos, including investments supported through partnerships with the Bank of Industry, as part of efforts to strengthen collaboration and explore further opportunities for sustainable development.
