Some buildings inside Balogun market, located on Lagos Island were on Tuesday gutted by fire.
The fire which started in the morning created panic in the market with many witnesses sharing videos on social media, showing fire billowing from a building in the crowded market.
Some traders salvaged their goods while others lamented the havoc wreaked by the fire.
The cause of the fire and the extent of the damage had yet to be ascertained with emergency workers joining traders to help bring the situation under control.
Meanwhile, the General Manager of the Lagos State Emergency Management Agency (LASEMA), Dr Femi Osanyintolu, has visited the scene.
In a chat with reporters, he said efforts were in top gear to contain the inferno with an assurance that the fire-fighters would put out the fire before the close of business.