The Lagos Chamber of Commerce and Industry (LCCI) has outlined strategic measures to prevent market fires, safeguard enterprises, and sustain economic activities following the fire at Great Niger Insurance House, Lagos Island.

The blaze, which occurred between Wednesday and Thursday, razed the building on Martins Street, causing losses worth millions of naira and affecting numerous Small and Medium Enterprises (SMEs).

The Director-General of LCCI, Dr Chinyere Almona, in an interview with the News Agency of Nigeria (NAN) on Saturday in Lagos, said the incident highlighted the vulnerability of market-based enterprises, which form the backbone of Lagos’ commercial ecosystem.

She noted that beyond the immediate destruction of goods and infrastructure, such incidents raised critical concerns about business continuity, safety preparedness, investor confidence and the resilience of Nigeria’s trading environments.

Almona added that with insurance penetration among Nigerian SMEs estimated to be below five per cent, most affected operators lacked the financial buffers required to restart operations quickly. “This often leads to prolonged downtime, loss of income and potential exit from the market.

“Beyond individual businesses, such incidents disrupt supply chains, weaken customer confidence and reduce overall commercial activity in affected areas, highlighting the fragility of business continuity planning among market-based enterprises,” she said.

According to her, the recurrent spread of fires in major markets exposes critical infrastructure gaps that require urgent attention.

She said many markets lacked functional fire hydrants, a reliable water supply and onsite firefighting equipment, forcing responders to rely on external resources and delaying containment.

Almona added that overcrowded layouts, narrow pathways and unauthorised structural extensions further accelerated fire spread and hindered emergency access.