There were at least 1,150 passengers on board, most of whom are believed to be from the KB state and traders, officials said.
The death toll has risen to 53 and is expected to rise, Abdullahi Buhari, chairman of the Nagaski local government area of KB state, told CNN on Thursday.
Buhari said 22 people had been rescued and discharged while in hospital.
Earlier on Thursday, Abbas Rabiu Kamba, acting director of Kebbi’s emergency management agency, told CNN that they had recovered 47,047 bodies from the water, including 20 men and 22 women. Kamba added that it was not yet clear how many children had lost their lives.
Niger State Police spokesman Vassiu Abiodun said the boat had landed in the Borgu district of Niger State and was heading to a neighboring KB market before getting into trouble on Wednesday morning.
Authorities cited overloading as the cause of the crash, a police spokesman warned du precautions operators to take safety precautions and to prevent their duboats from carrying more than their capacity.