Stakeholders in 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. This was discussed during the Tour of Lagos Waterways 2026, an initiative aimed at showcasing the tourism, commercial, and real estate potential of Lagos' waterways. The stakeholders believe that 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, stated that the government is creating an enabling environment for private investment in the waterways. The state has invested in jetties, terminals, safety infrastructure, and monitoring systems to improve water transportation and tourism. Emmanuel added that operators are required to obtain necessary approvals and undergo regular inspections to ensure passenger and user safety.
Noah Ibrahim, Group Chief Executive Officer of Novarick Group, noted that the waterways could influence the growth and value of real estate in Lagos. Greater use of the waterways would open up waterfront locations and make properties in such areas more accessible. Ibrahim stated that the sector remains largely untapped due to inadequate jetties and public concerns about water transportation, and urged private investors to explore opportunities around waterfront developments while complying with regulatory and safety requirements.
Olasode Mobolaji, Chairman of Thesaurus Group of Companies, believes that marine tourism could stimulate property development, creating employment and economic opportunities. He identified unregulated dredging, inadequate public-private partnerships, and limited awareness of maritime safety as challenges affecting the sector. Mobolaji suggested that properly planned waterfront development could include tourist destinations, conservation areas, aquariums, and recreational facilities.
Sarat Braimah, Lagos Area Manager of the National Inland Waterways Authority, stated that water tourism could provide opportunities for waterfront businesses, restaurants, cruises, estates, and leisure activities. Braimah noted that Lagos' navigable waterways offer significant investment potential, and improved safety awareness and compliance with life-jacket requirements have helped build confidence in water transportation.
The stakeholders agreed that stronger collaboration between government and private investors, alongside effective regulation and safety enforcement, is necessary to unlock the economic potential of Lagos' waterways. They emphasized that the waterways are currently underutilized, with significant room for further investment in tourism and related businesses.
The Tour of Lagos Waterways 2026 initiative aims to showcase the potential of Lagos' waterways, and stakeholders are optimistic about the prospects for growth and development. With the government's efforts to create an enabling environment and the interest of private investors, Lagos' blue economy is poised for expansion.
Key points
- Improved investment, regulation, and infrastructure could transform waterfront communities and create new opportunities for developers and investors.
- The waterways could influence the growth and value of real estate in Lagos, making properties in waterfront locations more accessible.
- Stronger collaboration between government and private investors, alongside effective regulation and safety enforcement, is necessary to unlock the economic potential of Lagos' waterways.
