The boat capsized on Friday in the Ogbaru region of Anambra state while carrying at least 80 persons.
When their town was submerged by floodwater, the majority of the victims were women and children who were attempting to flee to safety.
In the wake of the "tragic" disaster, President Muhammadu Buhari sent his sympathies to the families of the victims.
Additionally, he mandated a review of safety protocols for the nation's water transportation network and stated that emergency services must take all necessary steps to locate the missing.
In order to ensure that similar incidents are prevented in the future, Mr. Buhari urged government officials to "examine the safety protocols on these transport ships."
According to local media reports, the boat's passengers were traveling to Ogbakuba's Nkwo market when it capsized. According to some officials, the boat had an engine failure, hit a bridge, and capsized.
The National Emergency Management Agency's south-east coordinator, Thickman Tanimu, told the AFP news agency that the water level is too high and dangerous for a successful search and rescue effort.
The governor of Anambra, Charles Soludo, stated that the incident had shocked both locals and the state's government and sent his condolences to the families of the deceased.
In Nigeria, boat accidents are rather frequent, however the majority are attributed to overloading or lax safety protocols.
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