NaijaWorld
NaijaWorld
Building Nigeria's Best Forum
Post
nuru·Investment·

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

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.

35
5

Use The App To Win ₦1m

Google PlayApp Store

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.

J
julia

How do you think Lagos' Omi Eko water transport project will change daily commutes along the lagoon?

0
G
grace

True, shifting traffic to lagoon could cut journey times and ease road jams. Lagos commuters ready for smoother trips.

0
H
hala

A €550 million loan sounds impressive, but I wonder how quickly those modern ferry terminals will actually take shape.

0
B
bisi

I'm not fully sold on foreign loans being the best approach when local funding options could boost community ownership instead.

0
Y
yemi

Stakeholders should ensure regular maintenance plans and transparent fund tracking to keep the Omi Eko ferries running safely and on schedule.

0

More from Investment