By Ayomide Otitoju
Lagos State Governor, Babajide Sanwo-Olu, has commended the European Investment Bank (EIB) for its support of the Omi Eko Project, describing it as a transformative initiative that will improve urban mobility, boost economic productivity and enhance the quality of life for residents.
Sanwo-Olu gave the commendation on Friday while receiving an EIB delegation led by Vice President Ambroise Fayolle during a courtesy visit to Lagos House, Marina.
The Governor said the project aligns with his administration’s THEMES+ development agenda, particularly its transportation and traffic management pillar, noting that Lagos is increasingly positioning itself as a leading hub for innovation, finance and technology in Africa.
He explained that the Omi Eko Project—meaning “Water of Lagos”—is a key component of the state’s strategy to develop an integrated transport system that combines road, rail and water transportation.
According to him, with about one-third of Lagos covered by water, the state is focused on maximising its waterways to ease congestion and provide alternative commuting options for residents.
Sanwo-Olu added that the project will deliver modern, climate-resilient water transport infrastructure, including upgraded terminals, safer navigation routes and improved commuter services, significantly reducing travel time across the state.
He noted that journeys that currently take up to two hours could be cut to as little as 40 to 45 minutes once the system becomes fully operational.
The Governor also expressed appreciation to the EIB, the African Development Bank and other development partners for their continued support in building a more efficient and sustainable transport system for Lagos.
He highlighted the importance of expanding investment in small and medium-sized enterprises (SMEs), describing them as a critical driver of economic growth, and referenced outcomes from the recent Lagos Investment Summit as evidence of growing investor confidence.
In his remarks, Fayolle said Nigeria had become the EIB’s largest country of operation in Africa in 2025, with lending reaching €550 million, reflecting strengthened cooperation between Nigeria, the European Union and the bank.
He disclosed that the EIB recently signed a €200 million facility with the Development Bank of Nigeria to support green and digital investments in micro, small and medium enterprises, as well as another financing agreement with Wema Bank to improve access to credit for underserved businesses.
Fayolle said the Omi Eko Project is one of the European Union’s flagship initiatives in Lagos and is being jointly financed by the EIB, the EU and the French Development Agency (AFD). The project will support the construction of modern ferry terminals and the deployment of electric boats to enhance water transportation.
He added that the initiative is aimed at reducing congestion, promoting environmental sustainability and improving commuting efficiency, while reinforcing the bank’s commitment to projects that drive inclusive growth and better living standards.
The EIB delegation is also expected to visit ongoing projects in Lagos, including initiatives supported through partnerships with the Bank of Industry, as part of efforts to deepen collaboration and explore further investment opportunities.
