Lagos State Governor, Babajide Sanwo-Olu, has commended the European Investment Bank (EIB) for its support for the Omi Eko Project, describing it as a transformative investment that will improve urban mobility and enhance the quality of life for residents.
Sanwo-Olu made the remarks over the weekend while receiving an EIB delegation led by Vice President Ambroise Fayolle at Lagos House, Marina.
The governor said the project aligns with his administration’s THEMES+ agenda, particularly the Transportation and Traffic Management pillar, which focuses on building an integrated transport system that combines road, rail and water transport.
He noted that Lagos State’s extensive waterways present a major opportunity for alternative transport solutions, adding 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.
He explained that the Omi Eko Project—meaning “Water of Lagos”—will deliver modern, climate-resilient water transport infrastructure, including upgraded ferry terminals, safer navigation channels and improved commuter services.
According to him, the project is expected to significantly reduce travel time for residents, with journeys that currently take up to two hours projected to drop to between 40 and 45 minutes.
Sanwo-Olu thanked the EIB, the African Development Bank and other development partners for their continued support in strengthening Lagos’ transport infrastructure and promoting sustainable urban development.
He added that expanding transport options would help ease pressure on existing road and rail systems, improving overall mobility efficiency across the state.
The governor also highlighted Lagos State’s commitment to supporting small and medium-scale enterprises, describing them as key drivers of economic growth and job creation.
He noted that the state remains focused on converting investment commitments into measurable economic outcomes following the recently concluded Lagos Investment Summit, which attracted both local and international investors.
Speaking during the visit, EIB Vice President Ambroise Fayolle said Nigeria had become the bank’s largest country of operations in Africa in 2025, with total lending reaching €550 million.
He said this reflects the strengthening partnership between Nigeria, the European Union and the European Investment Bank.
Fayolle disclosed that the EIB 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 arrangement with Wema Bank aimed at expanding 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 infrastructure initiatives in Lagos, jointly financed by the EIB, the European Union and the French Development Agency.
He said the project will support the construction of modern ferry terminals and the deployment of electric boats to enhance 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 tour additional project sites in Lagos, including initiatives supported through partnerships with the Bank of Industry, as part of efforts to deepen collaboration and explore further opportunities for sustainable development.
