Sanwo-Olu Omi Eko Project gains momentum as Lagos and European partners advance water transport infrastructure to reduce congestion
Lagos State Governor, Babajide Sanwo-Olu, has praised the European Investment Bank’s support for the Omi Eko Project, describing the initiative as a transformative investment that will significantly improve urban mobility, reduce travel times and enhance the quality of life for millions of residents.
Also read: Sanwo-Olu orders urgent waste evacuation across Lagos
Governor Sanwo-Olu made the remarks during a courtesy visit by a delegation from the European Investment Bank led by Vice President Ambroise Fayolle at Lagos House, Marina.
The Sanwo-Olu Omi Eko Project initiative forms part of the state government’s broader transportation strategy under the THEMES+ agenda, particularly the Transportation and Traffic Management pillar, which seeks to integrate road, rail and water transport into a seamless mobility network.
Speaking during the meeting, Sanwo-Olu highlighted Lagos’ unique geographical advantage, noting that nearly one-third of the state is covered by waterways, creating substantial opportunities for alternative transportation systems.
“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.
The governor explained that the project, whose name translates as “Water of Lagos,” will deliver modern and climate-resilient infrastructure, including upgraded ferry terminals, safer navigation channels and improved commuter services across the state’s waterways.
One of the most significant expected benefits is a reduction in travel times for residents. According to Sanwo-Olu, journeys that currently take as long as two hours could be reduced to between 40 and 45 minutes once the project becomes fully operational.
The governor thanked development partners, including the African Development Bank and the European Investment Bank, for supporting Lagos’ ambition to build a sustainable and efficient transport ecosystem.
Beyond transportation, Sanwo-Olu also welcomed the bank’s growing investments in Nigeria’s small and medium-sized enterprises sector, describing SMEs as a powerful engine of economic growth and job creation.
The governor said Lagos remained focused on translating investment commitments secured during the recent Lagos Investment Summit into measurable economic outcomes, infrastructure development and private-sector expansion.
Earlier, Fayolle disclosed that Nigeria became the European Investment Bank’s largest country of operations in Africa in 2025, with total lending reaching €550 million.
The EIB vice president said the milestone reflected deepening economic cooperation between Nigeria, the European Union and the bank.
Fayolle revealed that the institution recently signed a €200 million financing facility with the Development Bank of Nigeria to support digital and green investments among micro, small and medium-sized enterprises.
He also announced a financing partnership with Wema Bank aimed at expanding access to funding for underserved businesses while encouraging environmentally sustainable practices.
On the Omi Eko Project specifically, Fayolle described the initiative as one of the European Union’s flagship urban transport investments in Lagos.
“The initiative is designed to reduce congestion, improve environmental sustainability, and provide Lagos residents with a more efficient means of commuting,” Fayolle said.
The project is being financed through a partnership involving the European Investment Bank, the European Union and the French Development Agency.
Planned interventions include the construction of modern ferry terminals and the deployment of electric-powered boats to improve connectivity across Lagos waterways.
The visit also featured discussions on future areas of cooperation, with the EIB delegation expected to inspect several ongoing projects in Lagos, including investments supported through partnerships with the Bank of Industry.
The Omi Eko Project builds on Lagos State’s long-term efforts to diversify transportation options in response to rapid population growth, mounting traffic congestion and increasing environmental concerns.
Also read: Sanwo-Olu announces APC Lagos governorship ticket line-up
If successfully implemented, the initiative could become a landmark model for sustainable urban mobility in Africa’s largest city.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
