.Signs €200m facility with DBN for MSMEs devt
.As Sanwo-Olu hails investments in Lagos Omi Eko Project

By Olasunkanmi Akoni

Nigeria had become the European Investment Bank, EIB, largest country of operations in Africa in 2025, with a total lending valued at €550 million.

This comes as EIB recently signed a €200 million facility with the Development Bank of Nigeria to support digital and green investments by micro, small and medium-sized enterprises, MSMEs.

EIB Vice President, Ambroise Fayolle made the remarks when he led a high powered delegation on a courtesy visit to Lagos State Governor, Babajide Sanwo-Olu at visit at Lagos House, Marina, on Friday, shortly after signing a landmark €170 million financing agreement with the Lagos State Government to boost the implementation of the Omi Eko Project, an ambitious initiative aimed at transforming the blue economy and water transportation across Africa’s largest city.

The agreement, was sealed at a signing ceremony held at the Lagos State Waterways Authority, LASWA, Headquarters, Falomo, in Lagos. The event marks the first collaboration between LASWA and the EIB.

Sanwo-Olu, in his remarks, applauded the EIB for its support towards the Omi Eko Project, describing the intervention as a transformative investment that will improve urban mobility, enhance economic productivity and improve the quality of life for Lagos residents.

He said the Omi Eko Project aligns with his administration’s THEMES+ development agenda, particularly the Transportation and Traffic Management pillar.

Sanwo-Olu, on the occasion, highlighted Lagos’ position as Nigeria’s commercial and economic hub, noting that the city is growing in reputation as a leading destination for technology investments, financial services, innovation and entrepreneurship.

He explained that 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.

The Governor noted that with about one-third of Lagos covered by water, the State is committed to maximising its waterways as a viable alternative for commuters.

Sanwo-Olu said the Omi Eko Project would provide modern, climate-resilient water transport infrastructure, including improved terminals, safer navigation channels and enhanced commuter services.

The Governor explained that the project, whose name translates to “Water of Lagos”, seeks to unlock the economic potential of the state’s waterways while significantly reducing travel times for residents.

He added that journeys that currently take up to two hours could be reduced to between 40 and 45 minutes, thereby boosting productivity and improving the daily lives of citizens.

Describing the project as a well-considered investment, Sanwo-Olu thanked the EIB, the African Development Bank and other development partners for supporting Lagos’ efforts to build a sustainable and efficient transportation system.

He also emphasised the importance of providing commuters with multiple transportation options to ease pressure on existing road and rail networks.

Sanwo-Olu also welcomed the EIB’s growing investments in Nigeria’s small and medium-scale enterprise sector, describing SMEs as the true engine of economic growth.

He referenced the recently concluded Lagos Investment Summit, which attracted both local and international investors, and reiterated the state’s commitment to converting investment commitments into tangible economic outcomes.

EIB €550M lending value

Earlier, Fayolle, noted that the developments reflect the growing strategic partnership between Nigeria,the European Union and the European Investment Bank, as well as Lagos

The EIB Vice President added that aside the €200 million facility with the Development Bank of Nigeria to support digital and green investment, it also signed a financing agreement with Wema Bank aimed at improving access to finance for underserved businesses while promoting environmentally sustainable practices.

Speaking on the Omi Eko Project, Fayolle described it as one of the European Union’s flagship initiatives in Lagos. He said the project is being financed by the EIB, the European Union and the French Development Agency (AFD) and will support the construction of modern ferry terminals and the deployment of electric boats to improve water transportation across the state.

According to him, the initiative is designed to reduce congestion, improve environmental sustainability and provide Lagos residents with a more efficient means of commuting, adding that the bank remains committed to supporting projects that promote economic growth, environmental resilience and improved living standards across Nigeria.

Meanwhile, the EIB delegation is also expected to visit several projects in Lagos, including investments supported through partnerships with the Bank of Industry, as part of efforts to deepen collaboration and explore additional opportunities for sustainable development.