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European Investment Bank Partners Lagos State Government in EUR 170 Million Investments to Develop Sustainable

By Afolabi Oyekunle.


Lagos State and EIB Global, the branch of the European Investment Bank (EIB) dedicated to development and international partnerships, have announced a EUR 170 million financial partnership to develop a sustainable and efficient waterways transport in Lagos.  



The project is part of the strategic corridor, Abidjan-Lagos, which is supported by the EU under the European Global Gateway Initiative. It responds to national and regional priorities and Sustainable Development Goals (SDGs


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This is the first collaboration between LASWA and EIB, the largest funder of the Omi Eko Project. The EIB long-term loan is supported by an EU guarantee under the Global Gateway Initiative of which EIB is a key partner in Africa.  The project is co-financed with the AFD and the European Commission with respectively EUR 130m of sovereign loan and EUR 60m of Investment Grant.  

Through this operation the EU Bank will finance the implementation of a waterborne urban public transport network in Lagos through the construction of new ferry piers, the acquisition of electrically operated small-scale ferries for passenger transport and the development of new maintenance facilities for the fleet. 


EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality


The project is in line with the National Development Plan 2021-2025 for Nigeria, of which one of the five key objectives is to invest in critical infrastructure. It responds to regional and national priorities in Nigeria, as well Sustainable Development Goals (SDGs): 

 

As key partner of Nigeria, EIB has already invested EUR 2.3 bn since the first operation in 1978 supporting concrete and impactful projects on key areas for the country such as sustainable transport, small and medium enterprises (SMEs) and Midcaps financing, energy, innovation and new technologies, agriculture


  About Global Gateway: 

Global Gateway is the EU's positive offer to reduce the worldwide investment disparity and boost smart, clean, and secure connections in digital, energy and transport sectors, and to strengthen health, education, and research systems. 

The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions. Together, we aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap. 

Mr. Oluwaseun Osiyemi, the Honourable Commissioner for Transportation, Lagos State, said: 

“The EIB’s commitment to the Omi Eko Project is highly commendable. Likewise, the Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership. 

This includes strong political will, policy consistency, transparency, accountability, and effective collaboration. We are prepared to work closely with the European Investment Bank to ensure that Omi Eko meets the highest global standards of project delivery and sustainability.” 


Commenting on the significance of the partnership, Mr. Oluwadamilola Emmanuel, Special Adviser to the Lagos State Governor on Blue Economy, said: 

“The partnership signing ceremony with the EIB marks a significant milestone in our journey to unlock the full potential of our Blue Economy, and of the Omi Eko Project in particular. We are confident that with the support and expertise of the European Investment Bank, the Omi Eko Project will stand as a landmark achievement, showcasing what is possible when visionary leadership meets strategic international partnership.” 


Mr. Ambroise Fayolle, EIB Vice-President, said:  

“We strongly support this flagship green project, which will develop a more safe, efficient and affordable public transport in Lagos. It will improve the daily lives of Lagos’ large population while boosting sustainable growth and job opportunities.


 It is a concrete demonstration of the EIB’s commitment with his partners to the EU’s Global Gateway strategy in West Africa.”   

 

Mr. Gautier Mignot, the Ambassador of the European Union to Nigeria, said:  

“The OMI EKO project is a strong demonstration and the sizeable support of the European Union, EIB and AFD are bringing to this project, 300 MEUR in subidized loans and 60 MEUR in grants, shows the strength of our partnership with Nigeria and Lagos State and the positive impact of this collaboration on impact on the daily lives of millions of people.

 For more information: https://international-partnerships.ec.europa.eu/  


For contact:

 EIB: 

Anne-Cécile Auguin, a.auguin@eib.org 

Website: wwww.eib.org/press- Press Office: +352 4379 21000 – press@eib.org 

 

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