The gunmen, according to the News Agency of Nigeria (NAN), stormed the Kabawa Waterfront venue in two engine boats about an hour into the festival, and launched their attack.
Guests and spectators at the event fled in different directions for safety.
But five of them were not so lucky as they were hit by bullets.
Police were immediately contacted but the gunmen had escaped in the same engine boats that brought them.
The Kogi State Police Command spokesman, DSP William Aya, confirmed the incident which he described as unfortunate.
He said the five wounded victims had been taken to the Federal Medical Centre, Lokoja, for treatment.
He explained that nobody died in the attack and that two suspects were arrested.
Aya said that full investigation into the incident had started, adding that all those linked with the attack would be arrested and prosecuted.
The annual event is organised by the Lokoja Traditional Council.
