Lagos waterfronts attract investors as blue economy expands

File photo: Special Adviser to the Lagos State Governor on Blue Economy, Damilola Emmanuel

Stakeholders in the Lagos blue economy and real estate sectors have identified the state’s waterways as a major opportunity for expanding property investment, tourism and urban development.

They spoke on Thursday during the Tour of Lagos Waterways 2026, an initiative aimed at showcasing the tourism, commercial and real estate potential of Lagos’ waterways.

The stakeholders said improved investment, regulation and infrastructure could transform waterfront communities and create new opportunities for developers and investors.

The Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, said the government was creating an enabling environment for private investment in the waterways.

He said the state had invested in jetties, terminals, safety infrastructure and monitoring systems to improve water transportation and tourism.

Emmanuel said, “We are creating an enabling environment for people to come and invest. We have jetties, terminals and safety measures in place, and we are also monitoring activities from our control room at Falomo.”

He added that operators were required to obtain the necessary approvals and undergo regular inspections to ensure the safety of passengers and users of the waterways.

The Group Chief Executive Officer of Novarick Group, Noah Ibrahim, said the waterways could also influence the growth and value of real estate in Lagos. According to him, greater use of the waterways would open up waterfront locations and make properties in such areas more accessible.

“The waterways are a major attraction, and they have a direct impact on real estate and the economy of Lagos. There is so much that can still be developed around the waterfront,” Ibrahim said.

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He said the sector remained largely untapped, noting that inadequate jetties and public concerns about water transportation had limited investment. Ibrahim urged more private investors to explore opportunities around waterfront developments while complying with regulatory and safety requirements.

The Chairman of Thesaurus Group of Companies, Olasode Mobolaji, said marine tourism could stimulate property development while creating employment and other economic opportunities.

He said the company’s interest in waterways extended beyond transportation to the development of tourism destinations and waterfront communities. “Lagos has a hidden treasure that has not been fully harnessed. We need to develop a master plan for the blue economy and marine tourism,” Mobolaji said.

He identified unregulated dredging, inadequate public-private partnerships and limited awareness of maritime safety as some of the challenges affecting the sector. Mobolaji said properly planned waterfront development could include tourist destinations, conservation areas, aquariums and other recreational facilities.

He added, “If we get it right, we can create jobs, build the capacity of young people and ensure that wealth from the waterways is distributed more equitably.”

The Lagos Area Manager of the National Inland Waterways Authority, Sarat Braimah, also said water tourism could provide opportunities for waterfront businesses, restaurants, cruises, estates and other leisure activities.

Braimah said Lagos’ navigable waterways offered significant potential for investment, adding that improved safety awareness and compliance with life-jacket requirements had helped to build confidence in water transportation.

She noted that the waterways were currently underutilised, with significant room for further investment in tourism and related businesses.

The stakeholders agreed that stronger collaboration between government and private investors, alongside effective regulation and safety enforcement, would be necessary to unlock the economic potential of Lagos’ waterways.