Sanwo-Olu, EU envoy seal €410m deal on Lagos Waterways Project
Governor Babajide Sanwo-Olu on Thursday received the European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, at the Lagos State House, Marina, where both parties reaffirmed their commitment to strengthening Lagos-EU cooperation and multilateral business relations.
At the heart of their meeting was the proposed ‘Omi Eko’ project — a €410 million initiative aimed at transforming Lagos’ inland waterways into a modern, efficient transportation network. The project will be financed through a mix of public and private investments, with the EU, French Development Agency (AFD), European Investment Bank (EIB), and the Lagos State Government serving as joint partners.
Governor Sanwo-Olu expressed excitement about the project, revealing that following the completion of feasibility studies, ‘Omi Eko’ is set to formally commence next month. He noted that the initiative would tap into Lagos’ aquatic resources to address mobility challenges while boosting the local economy.
“With the Omi Eko project, we aim to significantly improve infrastructure and deliver faster, safer transport alternatives for our residents,” Sanwo-Olu said. “There will be more stations, high-capacity electric boats, and enhanced security on our waterways. It aligns with our vision for an integrated urban transport system that is sustainable and future-ready.”
The governor described the initiative as a legacy project for his administration and called for swift mobilisation of funds and materials to ensure early commencement of civil works. He also welcomed the potential entry of the EU-owned Infrastructure Development Bank into Nigeria’s financial sector, calling it a “positive development.”
Ambassador Mignot confirmed that all agreements for the ‘Omi Eko’ project are ready to be signed, with a groundbreaking ceremony planned for the end of June 2025. “We have good news from the EIB and AFD. Everything is in place to formally launch this significant investment. I will be joining the French Ambassador in Lagos to celebrate this milestone,” he said.
The envoy praised Lagos for its sustained commitment to EU partnerships, noting that a large portion of European economic activity in Nigeria is concentrated in the state. He added that the European Chamber of Commerce had been restructured to drive more flexible and strategic collaborations with Lagos.
Mignot also revealed plans by the EU to increase investments in Nigeria’s technology sector, citing the role of German development agency GIZ in leading innovation efforts across the country.
