Lagos Secures €170M for Electric Ferry Transport Project

Lagos State has successfully secured a €170 million loan from the European Investment Bank (EIB) to accelerate its electric ferry transport project, which is part of the larger Omi Eko initiative. This agreement marks a significant collaboration between Lagos State and the EIB, with the total project support reaching €410 million, including contributions from the European Union and Agence Française de Développement.

The project aims to establish 15 structured ferry routes spanning 140 kilometers, connecting 25 upgraded terminals and introducing 75 state-of-the-art electric vessels capable of carrying 440 passengers. Lagos State's commitment to developing a comprehensive waterborne transport system includes new ferry piers, upgraded jetties, and modern maintenance facilities.

The initiative is designed to reduce greenhouse gas emissions and improve water quality across the city's lagoon network, aiming to increase the modal share of water transport from less than 1% to 8% by 2032, in line with the state's transport master plan.