Experts under the aegis of the International Real Estate Federation (FIABCI) Nigeria Chapter have underscored the need for improved water infrastructure to reduce traffic congestion, enhance connectivity and stimulate commercial and residential property development across Lagos.

They also urged leaders within the blue economy ecosystem to tap the expertise of professional estate surveyors and valuers with international experience to expand opportunities and maximise the potential of water transportation.

The experts emphasised the need to make waterways more accessible to private estates, improve safety and rescue operations, encourage private sector participation, invest in supporting ecosystems and strengthen the training of boat operators.

They also identified the need to integrate informal operators into the modernisation framework, ensure cleaner waterways, adopt global best practices and create extensive public awareness on the benefits of water transportation.

According to them, the development of waterways directly influences the value, utility and desirability of the property and real estate sector.

The experts spoke during a courtesy visit to the management of the Lagos State Waterways Authority (LASWA), the agency responsible for implementing the Omi Eko Water Transport Project, an initiative of the Lagos State Government aimed at transforming water transportation across the state.

The project, funded by the Lagos State Government with support from the Agence Française de Développement, the European Union and the European Investment Bank, is designed to improve daily mobility, reduce traffic congestion and deploy electric ferries across 15 routes in the state.

The initiative is also expected to enhance safety standards on the waterways and create new economic opportunities for coastal communities. The multi-modal transport strategy includes the construction of 25 ferry terminals and the dredging of about 140 kilometres of water routes. The project is expected to be implemented over five years to develop an integrated water transport network across Lagos.

Speaking during the visit, the President of FIABCI Nigeria Chapter, Akin Opatola, noted that mobility and accessibility remain central to real estate development. According to him, infrastructure such as secure and efficient water transportation plays a critical role in unlocking property values and expanding development opportunities.

“We have seen what the Lagos-Calabar Coastal Road is doing to property values and accessibility along that corridor. The same principle applies to the waterways,” he said.

Opatola explained that expanding water transportation would not only help reduce traffic congestion on roads but also lower environmental pollution while opening up new residential and commercial areas. “We want to reduce traffic and pollution through the use of waterways. It is an area where collaboration can create tremendous value, particularly in connecting residential communities and commercial hubs,” he said.

He added that professionals in the real estate sector possess relevant expertise that could support the development of the blue economy. “As real estate practitioners, we are land experts. Land exists in the air, on land and on water. The blue economy aligns with the professional competence of architects, quantity surveyors, estate surveyors and valuers,” he said.

Opatola noted that information shared during the engagement revealed that at least 15 local councils in Lagos can be accessed through water routes, a development he described as a major opportunity for growth in transportation and real estate.

According to him, opportunities also exist in boat procurement, maintenance and asset management, areas where real estate professionals have experience in asset valuation and property management.

“The blue economy extends beyond transport. It includes fisheries, tourism and waterfront development, which are closely connected to real estate,” he said.

He further expressed optimism that the project would help open up Lagos as a smart, resilient and future-oriented city.

“If you do not want to use the rail, you can use the Bus Rapid Transit system, and if that is not convenient, you can use the waterways or the road network. It simply gives residents more mobility options,” he added, while stressing the need to ensure affordability for residents.

Special Adviser to the Lagos State Governor on Blue Economy, Oluwadamilola Emmanuel, who received the delegation at the LASWA headquarters in Falomo, said the Omi Eko project would involve collaboration among professionals from various fields.

According to him, about 20 professionals will work together over the five-year implementation period to address different technical, environmental and operational aspects of the project. He pledged to work with FIABCI members to achieve quick wins in the development of the water transport network.

Emmanuel also revealed that the government is working to integrate informal boat operators into the system by encouraging them to form cooperatives for easier onboarding into the modernised water transport framework.

He added that the government plans to organise training programmes for operators to ensure compliance with standard operating procedures. According to him, the state is also strengthening maintenance procedures and safety regulations to achieve the goal of zero accidents on Lagos waterways.

Also speaking, the Convener and Founder of the Blue Economy Academy Nigeria, Ubong Essien, emphasised the importance of collaboration among stakeholders in the water transportation and real estate sectors.

He said stronger cooperation would help address sector challenges, develop clear roadmaps for growth and avoid reactive approaches to policy implementation. Essien urged stakeholders to embrace collaboration, coordination, communication and commitment in developing transport-oriented infrastructure, real estate and the broader blue economy.

A former Special Adviser on Strategy and Communications to the Director-General of the Nigerian Maritime Administration and Safety Agency, Essien, noted that the planned 25 jetties under the Omi Eko project present opportunities for professionals within FIABCI.

He added that the Blue Economy Academy would support stakeholders with research and policy documents that could help strengthen the development of Nigeria’s blue economy and water transportation sector.