Prime Highlights
- The EIB’s total lending to Nigeria reached €550 million in 2025, making Nigeria the bank’s largest country of operations in Africa.
- The Omi Eko Project aims to cut some Lagos commute times from two hours to under 45 minutes through expanded water transport.
Key Facts
- The European Investment Bank is the EU’s lending arm, financing development projects across member states and partner countries.
- The EIB signed a €200 million facility with the Development Bank of Nigeria to fund digital and green investments by small and medium-sized enterprises.
Background
In an indication of growing importance for the bank in Nigeria, its lending activities are projected to hit €550 million in 2025, making the European Investment Bank one of the major financiers in Africa’s biggest economy.
The figures were disclosed during a visit by an EIB delegation, led by Vice President Ambroise Fayolle, to Lagos House, where talks covered investment opportunities, sustainable development, and infrastructure priorities. Fayolle confirmed that Nigeria has become the EIB’s largest country of operations on the continent.
A central focus of the visit was the Omi Eko Project, a flagship water transportation initiative for Lagos being jointly financed by the EIB, the European Union, and the French Development Agency. The project will deliver modern ferry terminals, improved navigation infrastructure, and electric boats to expand water transport across the city.
Lagos Governor Babajide Sanwo-Olu, who received the delegation, said the project could cut journey times on certain routes from roughly two hours to between 40 and 45 minutes. He pointed out that water covers almost one-third of Lagos State’s area, making waterways an important but underutilized transportation route.
On the financial side, the EIB recently signed a €200 million facility with the Development Bank of Nigeria to support digital and green investments by small and medium-sized enterprises. It also entered a financing agreement with Wema Bank to improve credit access for underserved businesses and promote environmentally sustainable practices.
The EIB delegation is also scheduled to inspect several Lagos projects supported through partnerships with the Bank of Industry during the visit.
