Some buildings at the Balogun market, located on Lagos Island are currently on fire.
The fire outbreak is reported to have started from Anambra Plaza on Martins streets the market.
The inferno, according to eyewitnesses, has spread to about five structures and firefighters are currently battling it.
Traders are in a serious panic as they salvage their goods from the windows of the high-rise buildings and scamper to safety.
Some witnesses shared videos on social media, showing fire billowing from buildings in the crowded market.