Naomi Campbell and President Buhari saw the Eko Atlantic City together before the president left for Abuja.
Host Governor Akinwunmi Ambode and former Lagos Governor Bola Tinubu were also part of the delegation.
Buhari has been on a two-day working visit to Lagos, his first since he was elected in 2015.
On Buhari's first day in Lagos, he commissioned an ultra-modern bus terminal in the city's capital of Ikeja.
During his tour of the Eko Atlantic City, the president thanked foreign investors who were taking a chance on Nigeria.
Buhari said that their investments had helped to provide employment for Nigerians and reduce the rate of unemployment in the country.
"I am extremely grateful to those that agreed to invest so much in our country. I have just gone round to see the Eko Atlantic City. I am extremely impressed with the potentiality of this project and the amount of jobs and its effect on the economy and what it is capable of bringing," Buhari said.
Expressing his satisfaction with the ocean reclamation embarked upon by the state government and its partners, Buhari said that the real estate investments had positively impacted the nation's economy.
Host Governor Ambode said that the project was an example of what the private sector can do to the nation's economy.
Ambode, who said the project was initiated by the Bola Tinubu administration, noted that it has saved the entire Victoria Island from potential danger.
He said that the project which will be spread over 750 square kilometres upon completion, will eventually be bigger than Victoria Island.