EIB Pledges €550m to Power Lagos’ Omi Eko Water Transport Transformation

The European Investment Bank has committed €550 million in loans to Nigeria for 2025. A key part of this funding will support Lagos State’s flagship Omi Eko Project, financed in partnership with the EU and the French Development Agency. The scheme will build modern ferry terminals, upgrade navigation channels and introduce electric boats across Lagos waterways. Governor Sanwo-Olu says the project will cut some waterway journey times from about two hours to under 45 minutes, boost productivity and ease pressure on roads. It also aligns with his administration’s THEMES+ agenda for integrated transport. The EIB also signed a €200 million facility with the Development Bank of Nigeria to back digital and green investments by MSMEs, plus a credit access agreement with Wema Bank to drive sustainable business growth.

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