Lagos State has secured a €170 million financing deal with EIB Global, the development arm of the European Investment Bank, to expand and modernize its waterways transport system under the Omi Eko Project.
The agreement, announced in Ikoyi on Friday, marks the first collaboration between the Lagos State Waterways Authority (LASWA) and the EIB.
The signing ceremony was attended by EIB Vice-President Ambroise Fayolle, EU Ambassador Gautier Mignot, and French Consul General Laurent Favier.
According to LASWA, the project will deliver 15 structured ferry routes spanning 140 kilometres, connect 25 upgraded terminals, and deploy 75 fully electric ferries capable of carrying up to 440 passengers each.
The initiative is expected to cut greenhouse gas emissions, reduce water pollution, and raise Lagos’ waterborne transport share from less than 1% today to 8% by 2032.
Lagos Commissioner for Transportation, Oluwaseun Osiyemi, praised the EIB’s commitment, pledging strong political will and transparency to ensure the project meets global
This post was originally published on this site.
