Lagos State Secures €170 Million EIB Funding for Transport

Lagos State has successfully secured a €170 million financing package from the European Investment Bank (EIB) to support the implementation of the Omi Eko project. This initiative is designed to modernize the state's water transport system, thereby strengthening its blue economy.

The project aims to expand water transport, improve mobility, reduce congestion, and enhance economic productivity across Lagos State. The financing agreement was signed in the presence of key officials, including EIB Vice President Ambroise Fayol and European Union Ambassador to Nigeria Gautier Mignot.

The project will be executed over a five-year period, delivering 70 electric ferries and upgrading ferry terminals. It will also involve dredging channels to improve navigational efficiency.

The Omi Eko project is expected to establish a modern waterway transport network featuring 15 ferry routes covering approximately 140 kilometers, ultimately transforming water transport in Lagos and enhancing the quality of life for millions of residents.