L-R: Representative of AFD, Alexander Lorot, Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, Vice President, European Investment Bank, Ambroise Fayolle, Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, European Union Ambassador, Gautier Mignot during the event in Lagos on Friday.
EIB Global, the development branch of the European Investment Bank, has announced a €170m financial partnership with the Lagos State Waterways Authority to develop sustainable and efficient water transport in Lagos. The partnership, which is the first collaboration between LASWA and EIB, the largest funder of the Omi Eko Project, was announced on Friday in Ikoyi, Lagos, and was witnessed by the EIB Vice-President, Ambroise Fayolle, European Union Ambassador, Gautier Mignot, and the Consul General of France in Lagos, Laurent Favier.
LASWA disclosed this in a statement on Friday obtained by Saturday PUNCH. LASWA explained that EIB Global, the development branch of the European Investment Bank, is the largest funder of the Omi Eko Project with €170m financing. The statement explained that the project will improve urban mobility with socio-economic and environmental benefits for the population.
It added that the project is part of the strategic Abidjan-Lagos corridor, which is supported by the EU under the European Global Gateway Initiative, noting that it responds to national and regional priorities and the Sustainable Development Goals. “Today, Lagos State and EIB Global, the branch of the European Investment Bank dedicated to development and international partnerships, announced a €170m financial partnership to develop sustainable and efficient waterways transport in Lagos.
“The signing ceremony, followed by a site visit, was held at the LASWA headquarters in the presence of Ambroise Fayolle, EIB Vice-President; Gautier Mignot, EU Ambassador; and Laurent Favier, Consul General of France in Lagos,” the statement read in part. The agency explained that the innovative urban mobility project will implement 15 structured ferry routes along 140 kilometres, linking 25 upgraded and expanded ferry terminals across the city, and deploy 75 state-of-the-art electric vessels, each capable of carrying up to 440 passengers.
“These vessels will significantly cut greenhouse gas emissions while reducing water pollution,” it stated. LASWA highlighted that, once fully implemented, the project will contribute significantly to increasing the proportion of waterborne transport in Lagos from less than one per cent currently to as much as eight per cent by 2032, in line with the Lagos State Transport Master Plan.
It added that the project will improve accessibility for underserved waterfront communities and deliver time and cost savings for commuters. “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.
“The operation also includes the supply of fully electric vessels and the construction of passenger stations and jetties,” it stated. Related News Ex-minister to deliver keynote address at Odukoya memorial lecture Oyo abduction: Inside terrorists’ plot to stall rescue Experts endorse coastal highway, urge inclusive planning Speaking on the partnership, the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, 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, the Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, reiterated that the signing ceremony marks a significant milestone in the journey towards unlocking the full potential of the 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,” he said. The EIB Vice-President, Mr Ambroise Fayolle, said, “We strongly support this flagship green project, which will develop safer, more efficient, and affordable public transport in Lagos.