EIB Pledges Support for Lagos' Transformative Omi Eko Water Transport Plan

Lagos State Governor, Babajide Sanwo-Olu, has lauded the European Investment Bank (EIB) for its backing of the ambitious Omi Eko Project, an initiative he described as a significant investment poised to revolutionize urban movement and enhance the quality of life for Lagosians. Governor Sanwo-Olu expressed his gratitude during a recent courtesy visit by an EIB delegation, led by Vice President Ambroise Fayolle, at Lagos House, Marina, over the past weekend.

The Governor highlighted that the Omi Eko Project perfectly aligns with his administration's THEMES+ agenda, particularly its focus on Transportation and Traffic Management. This forms a crucial part of efforts to establish a fully integrated transportation network encompassing road, rail, and water systems. Sanwo-Olu emphasized Lagos' extensive waterways, which cover approximately one-third of the state, as a prime opportunity to expand alternative transit options.

"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," Governor Sanwo-Olu stated. He explained that the project, whose name "Omi Eko" translates to "Water of Lagos," is designed to deliver modern and climate-resilient water transport infrastructure. This includes upgrades to existing terminals, improvements in navigation channels for safety, and enhanced services for commuters. The Governor projected that this initiative would drastically cut down travel times, with journeys currently taking up to two hours expected to be reduced to between 40 and 45 minutes.

Sanwo-Olu also extended appreciation to the EIB, the African Development Bank (AfDB), and other development partners for their contributions towards the state's goal of building a sustainable transportation network. He asserted that offering residents diverse transportation choices would alleviate the strain on the existing road and rail infrastructure. Furthermore, the Governor acknowledged the EIB's investments in Nigeria’s small and medium-scale enterprise (SME) sector, recognizing SMEs as vital engines for economic advancement. He reiterated Lagos' commitment to actualizing investment pledges into concrete economic results, following the recently concluded Lagos Investment Summit which drew both local and international investors.

Earlier in the event, EIB Vice President Ambroise Fayolle revealed that Nigeria is projected to become the EIB’s largest country of operations in Africa by 2025, with total lending reaching €550 million. He attributed this growth to the deepening collaboration between Nigeria, the European Union, and the EIB. Fayolle announced that the bank recently finalized a €200 million facility agreement with the Development Bank of Nigeria, aimed at supporting digital and green investments within micro, small, and medium-sized enterprises. He also disclosed a new financing partnership with Wema Bank, intended to broaden access to finance for underserved businesses while simultaneously promoting environmentally sustainable practices.

Regarding the Omi Eko Project, Fayolle characterized it as a flagship initiative of the European Union in Lagos. He confirmed that the project is jointly funded by the EIB, the European Union, and the French Development Agency. The funds are earmarked for constructing contemporary ferry terminals and deploying electric boats, thereby significantly improving 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 emphasized. The EIB delegation is scheduled to visit various projects within Lagos, including those supported through collaborations with the Bank of Industry, to further strengthen partnerships and identify new avenues for sustainable development.