The Lagos Chamber of Commerce and Industry (LCCI) has outlined strategic measures to prevent market fires and protect small businesses following the fire outbreak at Great Niger Insurance House on Lagos Island.
The blaze, which occurred between Wednesday and Thursday on Martins Street, destroyed the commercial building and affected numerous Small and Medium Enterprises (SMEs), resulting in losses estimated at millions of naira.
Speaking in an interview with the News Agency of Nigeria (NAN), LCCI Director-General, Dr Chinyere Almona, said the incident underscored the vulnerability of market-based enterprises that underpin Lagos’ commercial ecosystem.
She noted that beyond physical losses, such incidents threaten business continuity, investor confidence and supply chains, particularly as insurance penetration among Nigerian SMEs remains below five per cent.
According to Almona, the recurring incidence of market fires exposes major infrastructure deficiencies, including the absence of fire hydrants, unreliable water supply, inadequate firefighting equipment and congested market layouts that hinder emergency response.
She stressed the need for a comprehensive redesign of market infrastructure that prioritises safety, enforces building codes and integrates fire prevention into market planning and operations.
Almona called for a shift from reactive responses to preventive risk management through the installation of fire detection and suppression systems, strict enforcement of electrical safety standards and routine fire safety training for traders.
She also advocated stronger collaboration between government agencies and market operators through permanent joint safety committees, regular simulation exercises and the use of digital communication platforms for early warnings and emergency alerts.
According to her, safeguarding markets is not only a safety concern but an economic imperative critical to sustaining Lagos’ position as Nigeria’s leading commercial hub and supporting inclusive economic growth.
