Business
Sanwo-Olu Gets EU Nod for €410m ‘Omi Eko’ Urban Water Initiative
Lagos State Governor, Babajide Sanwo-Olu, on Thursday hosted the European Union (EU) Ambassador to Nigeria and ECOWAS, Mr. Gautier Mignot, for a high-level meeting focused on strengthening Lagos-EU cooperation and multilateral business relations.
The meeting, held at the State House in Marina, centred around the landmark ‘Omi Eko’ initiative — a transformative project aimed at upgrading Lagos’ inland waterways into a world-class transportation system.
Estimated at €410 million, the ‘Omi Eko’ project is being co-financed through public-private partnerships involving the EU, French Development Agency (AFD), European Investment Bank (EIB), and the Lagos State Government. All partners will jointly oversee its execution.
Governor Sanwo-Olu expressed satisfaction with the project’s progress following the completion of feasibility studies and confirmed that construction is slated to begin next month.
“With the ‘Omi Eko’ project, we are poised to expand our transportation infrastructure and provide residents with faster, more efficient travel options. This initiative includes the construction of new terminals, deployment of high-capacity electric boats, and enhanced safety systems on our waterways,” Sanwo-Olu stated.
“This is a legacy project that aligns with our vision of an integrated and sustainable urban mobility network. We aim to begin implementation promptly and make visible progress within our administration’s tenure.”
The Governor added that the project would unlock the economic potential of Lagos’ aquatic resources, boost tourism, attract foreign investment, and create jobs. He urged all stakeholders to ensure the timely release of funds and expedite the procurement of construction materials.
Sanwo-Olu also lauded the EU-owned Infrastructure Development Bank’s plans to enter Nigeria’s financial ecosystem, describing it as a welcome development that would further stimulate economic growth.
Ambassador Mignot, leading the EU delegation from Abuja, confirmed the EU’s full commitment to the project. “We bring good news from the EIB and AFD — we are ready to sign the necessary agreements to launch the €410 million ‘Omi Eko’ project. A formal groundbreaking ceremony is scheduled for the end of June,” he announced.
He praised Lagos State’s dedication to its EU partnership, noting that a significant share of European economic activity in Nigeria is concentrated in Lagos. Mignot also revealed plans to strengthen economic ties through a revitalized European Chamber of Commerce and more strategic investment partnerships, especially in the tech sector, where German agency GIZ is already active.