The Lagos Chamber of Commerce and Industry (LCCI) has outlined strategic measures to prevent market fires, protect businesses and sustain economic activities following the recent fire incident at the Great Niger Insurance House on Lagos Island.
The fire, which occurred between Wednesday and Thursday, razed the building on Martins Street, destroying goods worth millions of naira and disrupting the operations of several Small and Medium Enterprises (SMEs).
The Director-General of LCCI, Dr Chinyere Almona, said in an interview on Saturday in Lagos that the incident underscored the vulnerability of market-based enterprises, which play a critical role in Lagos’ commercial ecosystem.
She noted that beyond the immediate destruction of goods and infrastructure, market fires raised serious concerns about business continuity, safety preparedness, investor confidence and the overall resilience of Nigeria’s trading environments.
Almona observed that with insurance penetration among Nigerian SMEs estimated at below five per cent, most affected businesses lacked the financial capacity to recover quickly.
“This often results in prolonged downtime, loss of income and, in many cases, permanent exit from the market.
“Such incidents also disrupt supply chains, weaken customer confidence and reduce commercial activities in affected areas, highlighting the fragile nature of business continuity planning among market-based enterprises,” she said.
According to her, the frequent occurrence of fires in major markets exposed critical infrastructure deficiencies requiring urgent attention.
She said many markets lacked functional fire hydrants, reliable water supply and onsite firefighting equipment, forcing emergency responders to depend on external resources and delaying containment efforts.
Almona added that overcrowded market layouts, narrow access routes and unauthorised structural extensions often accelerated the spread of fires and hampered emergency response.
“Addressing these challenges requires a comprehensive redesign of market infrastructure that prioritises safety, enforces building codes and integrates fire prevention into market planning and operations,” she said.
The LCCI director-general stressed the need for a shift from reactive responses to preventive and structured risk management.
She identified key measures to include the installation of fire detection and suppression systems such as smoke alarms, fire extinguishers, sprinklers and clearly marked emergency exits.
She also emphasised the importance of regular fire safety education for traders, covering basic firefighting skills and evacuation procedures.
Almona noted that strict enforcement of electrical safety standards through routine inspections was critical, as faulty wiring remained a leading cause of market fires.
She further called for the maintenance of clearly demarcated emergency access routes to enable quick response during emergencies.
The LCCI boss also urged stronger collaboration between government agencies and market operators to enhance proactive fire risk management.
She suggested the establishment of permanent joint safety committees involving market associations, the Lagos State Fire Service, emergency management agencies and local authorities.
According to her, regular engagement forums and joint simulation exercises would improve preparedness and response efficiency.
“Clear communication channels using digital platforms and market leadership structures should be institutionalised for early warnings, compliance updates and emergency alerts.
“Collaborative data sharing on market layouts, trader registers and risk assessments will also enable faster and more informed emergency interventions,” she said.
Almona reaffirmed that protecting markets was both a safety and economic imperative.
“Safeguarding SMEs through improved infrastructure, coordinated governance and strategic partnerships is essential to sustaining Lagos’ role as Nigeria’s foremost commercial hub and ensuring inclusive economic growth,” she added.