Lagos Waterways Become New Goldmine For Investors As Blue Economy Grows
Lagos waterways are emerging as the next big goldmine for investors as the state blue economy continues to expand.
Stakeholders in real estate and marine sectors say the vast Lagos waterways hold huge potential for property investment, tourism and urban development if properly harnessed.
The stakeholders stated this on Thursday during the Tour of Lagos Waterways 2026, an event organised to showcase the commercial, tourism and real estate opportunities along the Lagos waterways.
According to them, with better infrastructure, regulation and private sector participation, waterfront communities in Lagos could be transformed into major economic hubs.
Speaking at the event, the Special Adviser to the Lagos State Governor on Blue Economy, Damilola Emmanuel, said the Babajide Sanwo-Olu administration is deliberately creating an enabling environment to attract private investors into the blue economy.
Emmanuel disclosed that the state government has invested heavily in modern jetties, ferry terminals, safety equipment and a central control room at Falomo to monitor activities on the waterways and improve water transportation.
He said the government is creating an enabling environment for people to come and invest. He added that the state has put jetties, terminals and safety measures in place and monitors operations from the control room at Falomo.
He also noted that all operators must get approvals and pass regular inspections to guarantee safety of passengers.
On his part, the Group Chief Executive Officer of Novarick Group, Noah Ibrahim, said the development of Lagos waterways will directly boost the value of real estate across the state.
He explained that improved water transportation will open up waterfront areas and make properties around them more accessible and more valuable.
Ibrahim said the waterways are a major attraction that impacts real estate and the Lagos economy, adding that there is still so much to develop around the waterfronts.
He said the sector is still largely untapped due to inadequate jetties and fears around water transport safety, and called on private investors to tap into waterfront development while following safety rules.
Also speaking, the Chairman of Thesaurus Group of Companies, Olasode Mobolaji, said marine tourism can drive property development and create jobs.
Mobolaji said his company is interested not just in transportation but in building tourism destinations and waterfront communities.
He said Lagos has a hidden treasure that has not been fully harnessed and stressed the need for a master plan for the blue economy and marine tourism.
He listed unregulated dredging, weak public-private partnerships and low awareness on maritime safety as major challenges facing the sector.
According to him, if well planned, Lagos waterfronts can host tourist resorts, conservation centres, aquariums and recreational facilities that will create jobs for youths and ensure wealth from the waterways is shared equitably.
The Lagos Area Manager of the National Inland Waterways Authority, NIWA, Sarat Braimah, said water tourism can unlock opportunities for restaurants, cruise businesses, waterfront estates and leisure activities.
Braimah said Lagos has navigable waterways with huge investment potential, noting that improved enforcement of life-jacket use and safety awareness has increased confidence in water transportation.
She added that the waterways remain underutilised and there is room for more investment in tourism and related businesses.
The stakeholders agreed that stronger collaboration between government and private investors, backed by regulation and safety enforcement, is key to unlocking the full economic potential of Lagos waterways.
