LAGOS, Dec. 27, 2025 (Naija247news) – The Lagos Chamber of Commerce and Industry (LCCI) has outlined strategic measures to prevent market fires, safeguard enterprises, and sustain economic activities following the recent blaze at Great Niger Insurance House on Martins Street, Lagos Island.
The fire, which occurred between Wednesday and Thursday, razed the building, causing losses worth millions of naira and affecting numerous Small and Medium Enterprises (SMEs).
In an interview with the News Agency of Nigeria (NAN), LCCI Director-General Dr. Chinyere Almona said the incident highlighted the vulnerability of market-based enterprises, which are central to Lagos’ commercial ecosystem. She noted that most SMEs lack insurance coverage, leaving operators with minimal buffers to restart operations.
Dr. Almona called for comprehensive infrastructure redesigns, including functional fire detection and suppression systems, emergency exits, and improved electrical safety standards. She also stressed the importance of trader education on fire safety and evacuation procedures, as well as routine inspections and coordination between government agencies and market associations.
“Safeguarding markets is not only a safety imperative but also an economic necessity. Protecting SMEs through improved infrastructure, coordinated governance, and strategic partnerships is essential to sustaining Lagos’ role as Nigeria’s foremost commercial hub,” she said.
The LCCI also recommended permanent joint safety committees, simulation exercises, and digital communication channels for early warnings, compliance updates, and emergency alerts to strengthen market resilience.
(NAN)
Babatunde Akinsola ✔
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports
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